Moody's cuts TriMark loans

Moody's Investors Services said it downgraded TMK Hawk Parent, Corp.’s (TriMark) senior secured first-lien term loan due August 2024 to Ca from Caa2 and its senior secured second-lien term loan due September 2025 to C from Ca.

The downgrades follow TriMark's recent recapitalization transaction that provided the company with $120 million of new capital provided by a majority of its first-lien term loan holders. The company issued a new unrated $120 million super-priority first-out term loan due May 2024 and a new $307.5 million super priority second-out term loan due August 2024

TriMark used the first-out proceeds to increase cash for general corporate purposes, including investments in working capital. Second-out loan proceeds were used to repurchase an equivalent $307.5 million of its first-lien term loan from the participating first-lien holders in an open market purchase at par value.

The agency said it affirmed TriMark’s Caa2 corporate family rating and its Caa2-PD probability of default 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.