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S&P puts Triple Point on positive watch
S&P said it placed the CCC issuer credit rating on Triple Point Group Holdings Inc. on CreditWatch with positive implications, reflecting the greater operating scale and incremental cash flows as a result of the combination.
The agency said it expects to resolve the CreditWatch placement when the acquisition closes or all outstanding debt is repaid.
The CreditWatch placement follows news that ION Investment Group intends to combine Wall Street Systems Holdings Inc., OpenLink International Holdings and Triple Point Group Holdings to form ION Corporate Solutions Finance Ltd.
The first-lien term loan raised at ION Corporates of $1.96 billion will be used primarily to repay the existing debt of the three entities, S&P said.
The agency said it will resolve the CreditWatch once the merger closes or when all of Triple Point's outstanding debt is repaid, at which time the agency said it expects to withdraw all of the ratings on Triple Point.
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