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S&P lowers Prospect Holding to CC
Standard & Poor's lowered its long-term issuer credit and issue ratings on Prospect Holding Co. LLC to CC from CCC+ and placed the ratings on CreditWatch with negative implications.
On Feb. 8, Prospect announced a cash tender offer to prepay up to $53 million of its senior notes – with a principal amount of $129.9 million. Depending on the amount of investor interest in the tender offer, noteholders will receive $570 to $630 per $1,000 principal amount.
“We expect the settlement of the tender payment to occur on March 8, at which time we plan to lower the issuer credit rating to SD (selective default) and the rating on the senior notes to D (default),” said S&P credit analyst Stephen Lynch in a news release.
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