S&P rates Tervita notes CCC+

S&P said it assigned a CCC+ rating with a 4 recovery rating to Tervita Corp.’s planned $500 million of senior second-lien secured notes due 2025.

Proceeds and draws on Tervita’s credit facility will be used to refinance the company’s capital structure. The company also received a commitment from its banking syndicate to upsize the credit facility to C$350 million from C$275 million, subject to completing the refinancing.

“We view the proposed refinancing and upsized credit facility favorably. However, in our view, uncertain economic and industry conditions could make it difficult for the company to complete the transaction at favorable terms,” S&P said in a press release.

The agency also affirmed Tervita’s CCC+ issuer rating, and the outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.