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S&P: Party City notes CCC+
Standard & Poor's said it assigned its CCC+ issue-level rating to Party City Holdings Inc.'s $700 million senior unsecured notes due 2020. The recovery rating is 6, indicating an expectation for negligible recovery in the event of payment default.
According to S&P, the notes offering follows the company's announcement that Thomas H. Lee Partners will acquire a majority stake in Party City in a $2.7 billion debt-financed transaction. At the close of the transaction, Amscan Holdings Inc. will be merged into Party City.
S&P said the ratings on Amscan remain on CreditWatch with negative implications pending the close of the transaction, at which point they will be lowered by one notch and withdrawn.
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