S&P stabilizes Pugnacious Endeavors view

S&P said it changed Pugnacious Endeavors Inc.’s outlook to stable from negative and affirmed its B- issuer rating.

“Our stable outlook reflects our expectations that Pugnacious' secondary ticketing marketplaces will benefit substantially from the resurgence of attendance at live events leading to leverage improving to the mid-7x area and FOCF to debt improving to the 5%-7% range in 2022,” S&P said in a press release.

However, the agency cautioned that its debt burden remains substantial due to recent capital raises during the pandemic. To help it through the pandemic, Pugnacious Endeavors secured a $330 million incremental senior secured term loan and sold more than $115 million in preferred shares in two offerings.

© 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.