...April 19, 2021 - Port Washington, N.Y.-based durable medical device manufacturer Medical Depot Holdings Inc. recently completed a transaction to extend its first-lien debt maturity, suspend the first-lien debt amortization in 2021, amend the 1.5-lien convertible paid-in-kind (PIK) loan, and convert the PIK loan into two series of preferred shares. - We view this transaction as a de facto restructuring given the company's distressed operations and the limited compensation offered to lenders. - We lowered our issuer credit rating to '##' (selective default) from '###+'. We also lowered the issue-level ratings on the first-lien debt to 'D' from '###' and on the 1.5-lien debt to 'D' from '###-'. Our '###-' rating on the company's second-lien debt is unaffected. TORONTO (S&P Global Ratings) April 19, 2021--S&P Global Ratings today took the rating actions listed above. The downgrade follows the disclosure that Medical Depot completed a debt exchange in which it amended the terms on its first-lien...
