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Fitch rates RadioShack loans B, CCC+
Fitch Ratings said it affirmed its CCC long-term issuer default rating on RadioShack Corp.
The agency also assigned the following ratings to the company's new credit facilities: $535 million senior secured ABL revolver rated B/RR1, $50 million senior secured ABL term loan rated B/RR1 and $250 million secured term loan rated CCC+/RR3.
On Dec. 10, RadioShack entered into the new five-year credit facilities. This represents an incremental $200 million of gross liquidity (before significant upfront financing costs), including an $85 million increase in the size of the revolver and $125 million of additional term loans. There are no financial maintenance covenants in either of the new facilities.
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