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S&P gives TPC notes B-
S&P said it gave its B- issue-level and 1 recovery ratings to TPC Group Inc.’s new 10 7/8% senior secured notes due 2024. The agency also lowered the company’s senior secured notes to CCC- from CCC and revised the recovery rating to 5 from 4.
The new notes have priority over the company’s outstanding notes, and thus the issue-level rating on the new notes is two notches above the CCC issuer-credit rating on TPC. Given the new notes’ priority, the issue-level rating on the company’s outstanding note is now one notch below the issuer credit rating, S&P said.
The proceeds were used to repay the delayed-draw term loan that was coming due in August 2021 and general corporate purposes.
“The new notes issuance improves TPC’s liquidity; however, we still expect cash flows to be constrained into 2021,” S&P said in a press release.
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