Moody's lifts Topgolf, changes view to stable

Moody's Investors Service said it upgraded Topgolf International, Inc.'s corporate family rating to Caa1 from Caa2, probability of default rating to Caa2-PD from Caa3-PD and the first-lien credit facility ratings (including a senior secured revolver and term loan) to Caa1 from Caa2.

The outlook was changed to stable from negative.

“The upgrade of Topgolf's ratings reflect the recent improvement in liquidity due to $100 million of additional preferred equity with a commitment for another $80 million in preferred equity by the end of 2020,” Moody’s said in a news release.

“Additionally, the company received an amendment to obtain covenant relief from its lenders and a small shareholder loan was converted to preferred equity.”

© 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.