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S&P slices New Constellis Borrower loan
S&P said it downgraded New Constellis Borrower LLC’s first-lien term loan due March 24, 2024 to CCC+ from B and revised the recovery rating to 3 from 1, citing the upsizing of the issuer’s asset-based lending facility to $150 million from $75 million. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 55%) recovery in default.
Concurrently, S&P affirmed New Constellis’ CCC+ issuer rating, saying it continues to see the company’s capital structure as unsustainable. The CCC- and 6 recovery ratings on the second-lien term loan due March 25 are unchanged.
The outlook is negative.
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