...April 19, 2021 NEW YORK (S&P Global Ratings) April 19, 2021--today said its ratings are unaffected by Avison Young's (B-/Negative/--) new $50 million add-on to its existing term loan. Proforma for the upsize, senior secured term loan outstanding, net of amortization will increase to $368 million (CAD$ 467 million) and is due in 2026. The recovery rating of '3' (55%) indicates our expectation of a meaningful recovery in an event of default. The additional funds, net of fees and expenses, will be used primarily for growth investment purposes. The negative outlook reflects our expectation of EBITDA cash interest coverage between 0.5x-1.0x. It also considers Avison Young's nominal market position, adequate liquidity, and existing waiver on leverage covenant cushion. We remain watchful of the company's need to seek a financial covenant waiver on its revolving credit facility in order to retain financial flexibility. The credit agreement has a maximum total leverage ratio covenant(debt to adjusted...
