S&P ups Cirque, rates loan B+

S&P said it raised its ratings for Spectacle Bidco Holdings Inc. (Cirque du Soleil) to B+ from B and assigned B+ issue and 3 recovery ratings (50%-70%; rounded estimate: 60%) to its planned $550 million first-lien senior secured term loan B and $100 million revolving credit facility.

Cirque plans to use the new loans and $126 million of cash on hand to refinance its debt

“The upgrade reflects the decline in debt following the proposed refinancing and our expectation that leverage will remain below 5x in the next 12 months,” S&P said in a press release.

The outlook is stable.

© 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.