Las Vegas-based mixed martial arts sporting event promoter and producer Zuffa LLC announced a proposed $100 million incremental term loan due 2015. We are assigning our ‘BB-‘ issue rating and ‘4’ recovery rating to this loan, and revising our recovery rating on Zuffa’s existing credit facilities to ‘4’ from ‘3’. We are affirming the ‘BB-‘ […]
financial
UFN 19 Estimated Economic Impact
Steve Lackmeyer wrote an article for NewsOK this week that focused on the business aspects of the UFC’s impending visit to Oklahoma City on Wednesday for Ultimate Fight Night 19: Diaz vs. Guillard. The article offered the following tidbit related to UFN 19’s estimated economic impact: Laura Kriegel, director of marketing and communications at the […]
Station Casinos Inc. Downgraded To ‘D’ On Bankruptcy Filing
— Station filed for Chapter 11 bankruptcy protection. — We lowered our issue-level rating on the company’s senior secured debt to ‘D’. — We revised our recovery rating on the company’s senior unsecured notes to ‘5’ from ‘4’. NEW YORK, July 29, 2009–Standard & Poor’s Ratings Services said today it lowered its issue-level rating on […]
Did Zuffa Turn Down a $1.2B Offer in ’08?
According to the UFC, 473 million TV households in more than 60 countries now have access to its programming; that kind of reach was enough to get White and his partners a $1.2 billion offer to sell the UFC about a year ago, which they ultimately turned down, according to White. – from Time.com SEE: […]
Station Casinos Inc. 7.75% Senior Notes Lowered To ‘D’
NEW YORK, Feb. 17, 2009–Standard & Poor’s Ratings Services today lowered its issue-level rating on Las Vegas, Nev.-based Station Casinos Inc.’s 7.75% senior notes to ‘D’ from ‘CC’. The rating action reflects the missed Feb. 15, 2009 interest payment on the notes. A payment default has not occurred relative to the legal provisions of the […]