Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+' - S&P Global Ratings’ Credit Research

Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+'

Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+' - S&P Global Ratings’ Credit Research
Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+'
Published Mar 24, 2020
4 pages (1588 words) — Published Mar 24, 2020
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Abstract:

BOSTON (S&P Global Ratings) March 24, 2020--S&P Global Ratings today assigned issue-level ratings to Carestream Health Inc.'s (B-/Watch Neg/--) proposed debt issuance. We assigned a 'B-' issue-level rating and '3' recovery rating to the company's proposed first-lien credit facility (including a $118.5 million revolver and $581.5 million term loan), and a 'CCC+' issue-level rating and '5' recovery rating to its proposed $366.1 million second-lien term loan. The '3' recovery rating on the first-lien debt indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. The '5' recovery rating on the second-lien debt indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%). Our 'B-' issuer credit rating on Carestream remains on CreditWatch with

  
Brief Excerpt:

...March 24, 2020 BOSTON (S&P Global Ratings) March 24, 2020--S&P Global Ratings today assigned issue-level ratings to Carestream Health Inc.'s (B-/Watch Neg/--) proposed debt issuance. We assigned a 'B-' issue-level rating and '3' recovery rating to the company's proposed first-lien credit facility (including a $118.5 million revolver and $581.5 million term loan), and a '###+' issue-level rating and '5' recovery rating to its proposed $366.1 million second-lien term loan. The '3' recovery rating on the first-lien debt indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. The '5' recovery rating on the second-lien debt indicates our expectation for modest recovery (10%-30%; rounded estimate: 20%). Our 'B-' issuer credit rating on Carestream remains on CreditWatch with negative implications. This indicates we could lower our ratings if Carestream's proposed refinancing is not successful and its capital structure remains current,...

  
Report Type:

Ratings Action

Ticker
923118Z
Issuer
Carestream Health Inc.
GICS
Health Care Equipment (35101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+'" Mar 24, 2020. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Carestream-Health-Inc-Proposed-First-Lien-Debt-Rated-B-Second-Lien-Debt-Rated-CCC-2400911>
  
APA:
S&P Global Ratings’ Credit Research. (). Carestream Health Inc. Proposed First-Lien Debt Rated 'B-', Second-Lien Debt Rated 'CCC+' Mar 24, 2020. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Carestream-Health-Inc-Proposed-First-Lien-Debt-Rated-B-Second-Lien-Debt-Rated-CCC-2400911>
  
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