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S&P ups, rates TPx loan CCC+
S&P said it rated U.S. TelePacific Holdings Corp.’s (TPx Communications) new $655 million senior secured term loan and $25 million revolver CCC+ with 4 recovery ratings. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 40%) recovery in default. The agency also upgraded the company’s issuer rating to CCC+ from SD.
The rating actions follow TPx completing the exchange of its $655 million senior secured term loan with $582 million outstanding, due May 2023 for a new senior secured term loan B due May 2026. It also extended the maturity of its $25 million revolver to November 2025 from May 2022.
“While TPx's debt burden remains elevated, its liquidity position will benefit from the receipt of a $70 million capital infusion from private-equity sponsor Siris Capital over the next three quarters, including a $40 million upfront payment,” S&P said in a press release.
The outlook is negative.
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