Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk - S&P Global Ratings’ Credit Research

Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk

Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk - S&P Global Ratings’ Credit Research
Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk
Published Dec 27, 2019
3 pages (1425 words) — Published Dec 27, 2019
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Abstract:

CHICAGO (S&P Global Ratings) Dec. 27, 2019--S&P Global Ratings today said that Harland Clarke Holdings Corp.'s(HCHC; CCC+/Negative/--) proposed debt exchange offer on its $708 million, 9.25% senior unsecured notes(unsecured notes) due 2021 will reduce refinancing risk by pushing out the maturity on its unsecured debt. More importantly, it would avoid the November 2020 springing maturity on its secured debt if its unsecured debt remains outstanding at that time. As part of the offer, the company is proposing to exchange its unsecured notes for between $300 million and $325 million in new senior secured notes and the remainder for a combination of new senior unsecured notes at a higher interest rate than the current unsecured notes and cash repayment. The company

  
Report Type:

Bulletin

Ticker
664088Z
Issuer
Vericast Corp.
GICS
Commercial Printing (20201010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk" Dec 27, 2019. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Harland-Clarke-Holdings-Corp-s-Proposed-Debt-Exchange-Once-Executed-As-Planned-Will-Reduce-Refinancing-Risk-2362875>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Harland Clarke Holdings Corp.'s Proposed Debt Exchange, Once Executed As Planned, Will Reduce Refinancing Risk Dec 27, 2019. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Harland-Clarke-Holdings-Corp-s-Proposed-Debt-Exchange-Once-Executed-As-Planned-Will-Reduce-Refinancing-Risk-2362875>
  
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