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S&P ups Technicolor Creative Studios
S&P said it boosted Technicolor Creative Studios long-term rating to CCC from D and at the companys request withdrew its ratings on its debt.
TCS closed its financial restructuring on June 8, 2023. The company received its second refinancing tranche equivalent to 85 million (the first refinancing tranche of 85 million was granted in April 2023) and reinstated its existing indebtedness, which now amounts to about 421 million equivalent. TCS' debt structure is now made of 120 million equivalent of new money loans, 421 million equivalent of reinstated debt, 40 million of drawn revolving facility, and about 63 million of convertible bond, all maturing in 2026, as well as 170 million of subordinated debt due in 2033, S&P said in a press release.
The agency said it does not rate the new debt.
The outlook is negative.
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