...January 19, 2022 - Toronto-based Array Marketing Canada Inc. completed a debt-for-equity transaction in September 2021. We view the transaction as tantamount to default because debtholders received less than originally promised. - Array Midco Corp.'s (Array; the entity post recapitalization) current debt structure includes the US$27 million term loan A, US$147 million term loan B (term loan A and term loan B are pari passu facilities), and US$35 million asset-based lending (ABL) facility. - S&P Global Ratings assigned its 'B-' issuer credit rating to Array Midco Corp. and assigned its 'B-' issue-level rating and '3' recovery rating to Array Midco's first-lien senior secured term loan A. At the same time, we withdrew our '##' issuer credit rating on Array Marketing Canada and withdrew our 'D' rating on Array Marketing Canada's debt facilities. - With Array's current capital structure and favorable operating performance for last 12 months ended September 2021, we expect Array to maintain...
