Harland Clarke Holdings Corp. Ratings Affirmed, Taken Off CreditWatch After Proposed Term Load Add-On; Outlook Negative

U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp. (HCHC) announced that it intends to acquire U.S.-based online coupon site RetailMeNot Inc. for $620 million plus associated fees. The company plans to finance the acquisition by upsizing its asset-backed revolving credit facility (unrated) to $250 million and issuing a $360 million add-on to its B-6 term loan. We are affirming our ratings on HCHC, including the 'B+' corporate credit rating, and removing them from CreditWatch negative. The negative outlook reflects our view that HCHC's leverage could remain above 5x in the next 12 months. NEW YORK (S&P Global Ratings) April 19, 2017--S&P Global Ratings said today that it affirmed all of its ratings, including its 'B+'

...+ U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp. (HCHC) announced that it intends to acquire U.S.-based online coupon site RetailMeNot Inc. for $620 million plus associated fees. + The company plans to finance the acquisition by upsizing its asset-backed revolving credit facility (unrated) to $250 million and issuing a $360 million add-on to its B-6 term loan. + We are affirming our ratings on HCHC, including the 'B+' corporate credit rating, and removing them from CreditWatch negative. + The negative outlook reflects our view that HCHC's leverage could remain above 5x in the next 12 months. NEW YORK (S&P Global Ratings) April 19, 2017--S&P Global Ratings said today that it affirmed all of its ratings, including its 'B+' corporate credit rating, on U.S.-based media delivery, payment solution, and marketing services provider Harland Clarke Holdings Corp. (HCHC). At the same time, we removed the ratings from CreditWatch, where we...

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