. Obligor profile Restructuring date October 2024 Current rating/Outlook CCC+/Negative/-- Location/primary industry/GICS U.S./Transportation/Specialized Finance Post-exchange total reported debt (estimated net change) $958 million ($85 million) Sponsor/owner Oaktree Capital Management, Duration Capital Partners, and Wind Point Partners Forecasts 2025 Liquidity ratio (x)/Assessment 1.5/Less than adequate (next 12 months) Debt to EBITDA* (x) 18.9 EBITDA to total interest* (x) 0.5 EBITDA to cash interest* (x) 0.9 *Adjusted by S&P Global Ratings. GICS--Global Industry Classification Standard. Source: S&P Global Ratings. The company transferred approximately half of its assets, which generate 30% of EBITDA, to newly designated unrestricted subsidiary STG Distribution LLC (NewCo). Existing lenders were given the opportunity to exchange their current term loan holdings for a mix of NewCo loans, with those
