| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tops Holding LLC > News item |
S&P rates Tops Holding notes CCC-
S&P said it assigned its CCC- issue-level rating to Tops Holding LLC's proposed 9% senior unsecured amortizing notes due 2021. The 6 recovery rating on the new notes reflects an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default.
The company plans to use the proceeds from the notes, in addition to up to $11.6 million in cash, to exchange all of the validly tendered 8¾% / 9½% senior unsecured notes due June 2018 issued by Tops Holding II Corp. As of April 22, there was $85.5 million in aggregate principal outstanding.
Tops Holding LLC is a wholly owned operating subsidiary of Tops Holding II Corp.
“In our view, the proposed exchange offer addresses the company's near-term refinancing risk. However, underlying operating performance trends remain soft as Tops continues to struggle with challenging industry conditions,” S&P said in a news release.
© 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.