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Bulletin: Clipper Acquisitions Corp.'s Maturity Extension Of Secured Term Loan Does Not Affect Leverage Expectations

Published Feb 22, 2021

2 pages (971 words) — Published Feb 22, 2021

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Abstract:

NEW YORK (S&P Global Ratings) Feb. 22, 2021--S&P Global Ratings today said its leverage expectations for Clipper Acquisitions Corp. (BB+/Stable/--) are unaffected by the company's proposed extension of its $582 million senior secured term loan to 2028 from 2024. The 'BB+' long-term issuer credit and senior secured debt ratings on the company are unchanged. The recovery ratings also are unchanged at '3', indicating a meaningful (50%) recovery in the event of distress. We continue to expect the company to exhibit debt to EBITDA close to or below 2x in 2021, exceptional liquidity, assets under management geared toward fixed income, and overall good organic growth.

Report Type:

Bulletin

Issuer

Clipper Acquisitions Corp.

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

Research Update: Clipper Acquisitions Corp. Outlook Revised To Positive On Strong Inflows And Lower Leverage; 'BB+' Ratings Affirmed – 2021/06/25 – US$ 225.00

Clipper Acquisitions Corp. – 2021/06/30 – US$ 500.00

Research Update: Clipper Acquisitions Corp. Outlook Revised To Stable From Positive On Higher Leverage; 'BB+' Ratings Affirmed – 2022/06/23 – US$ 225.00

Clipper Acquisitions Corp. – 2022/08/04 – US$ 500.00

Clipper Acquisitions Corp. – 2023/07/18 – US$ 500.00

Clipper Acquisitions Corp. – 2020/07/30 – US$ 500.00

Clipper Acquisitions Corp. (TCW) – 2019/08/19 – US$ 500.00

Research Update: Clipper Acquisitions Corp. 'BB+' Rating Affirmed; Outlook Remains Stable; Recovery Rating Revised To '4' – 2019/07/19 – US$ 225.00

Summary: Clipper Acquisitions Corp. – 2018/09/06 – US$ 225.00

Research Update: Clipper Acquisitions Corp. Rating Lowered To 'BB+' On Increased Leverage; Outlook Stable; New Debt Rated 'BB+' – 2017/12/01 – US$ 225.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Bulletin: Clipper Acquisitions Corp.'s Maturity Extension Of Secured Term Loan Does Not Affect Leverage Expectations" Feb 22, 2021. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Clipper-Acquisitions-Corp-s-Maturity-Extension-Of-Secured-Term-Loan-Does-Not-Affect-Leverage-Expectations-2598682>

APA:	S&P Global Ratings’ Credit Research. (). Bulletin: Clipper Acquisitions Corp.'s Maturity Extension Of Secured Term Loan Does Not Affect Leverage Expectations Feb 22, 2021. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Clipper-Acquisitions-Corp-s-Maturity-Extension-Of-Secured-Term-Loan-Does-Not-Affect-Leverage-Expectations-2598682>

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