IPC Corp. 'B-' Rating Outlook Revised To Stable From Negative On Increased Covenant Cushion And Improved Liquidity

Global trading communication systems, compliance solutions, and network services provider IPC Corp.'s recent amendment to its credit agreement provides for adequate cushion to its maximum first-lien net leverage ratio covenant. We are affirming our 'B-' corporate credit rating on IPC and revising the rating outlook to stable from negative. We are assigning a 'B-' issue-level and '3' recovery rating to IPC's new $293 million first-lien term loan. The term loan was used to prepay a portion of IPC's existing outstanding term B-1 loans and pay related fees and expenses. The stable outlook reflects increased covenant headroom as a result of the recent amendment and our expectation for low- to mid-single-digit percent EBITDA growth due to continued cost savings initiatives with

...+ Global trading communication systems, compliance solutions, and network services provider IPC Corp.'s recent amendment to its credit agreement provides for adequate cushion to its maximum first-lien net leverage ratio covenant. + We are affirming our 'B-' corporate credit rating on IPC and revising the rating outlook to stable from negative. + We are assigning a 'B-' issue-level and '3' recovery rating to IPC's new $293 million first-lien term loan. The term loan was used to prepay a portion of IPC's existing outstanding term B-1 loans and pay related fees and expenses. + The stable outlook reflects increased covenant headroom as a result of the recent amendment and our expectation for low- to mid-single-digit percent EBITDA growth due to continued cost savings initiatives with adequate liquidity. NEW YORK (S&P Global Ratings) March 19, 2018--S&P Global Ratings today revised its rating outlook on Jersey City, N.J.-based IPC Corp. to stable from negative. At the same time, we affirmed...

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