Bioplan USA Inc. Upgraded To 'CCC+' On Extended Maturities; Outlook Negative On Physical Retail Pressures

Bioplan USA Inc. amended and extended the maturity of its term loans, reducing near-term liquidity and refinancing risks. The company also received an equity injection of $20 million from its sponsor, Oaktree Capital, that improves its liquidity position. S&P Global Ratings still expects the company to face secular pressures driven by retail store closures, and remain vulnerable to marketing spend decisions of its client base. We raised our issuer credit rating on the company to 'CCC+' from 'CCC'. We raised our rating on the company's first-lien term loan facility to 'CCC+' from 'CCC'. We also raised our rating on the company's second-lien term loan facility to 'CCC' from 'CCC-'. The negative outlook reflects our expectations that there will continue to

...April 1, 2021 - Bioplan USA Inc. amended and extended the maturity of its term loans, reducing near-term liquidity and refinancing risks. The company also received an equity injection of $20 million from its sponsor, Oaktree Capital, that improves its liquidity position. - S&P Global Ratings still expects the company to face secular pressures driven by retail store closures, and remain vulnerable to marketing spend decisions of its client base. - We raised our issuer credit rating on the company to '###+' from '###'. - We raised our rating on the company's first-lien term loan facility to '###+' from '###'. We also raised our rating on the company's second-lien term loan facility to '###' from '###-'. - The negative outlook reflects our expectations that there will continue to be secular pressures in physical retail stores, which could limit Bioplan's upside post-COVID, and that weaker-than-expected operating performance could accelerate the company's cash burn. NEW YORK (S&P Global Ratings)...

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