Research Update: IBC Capital Ltd. Outlook Revised To Stable On Refinancing, Business Recovery; 'B' Rating Affirmed

IBC Capital Ltd. (Goodpack) has refinanced its US$195 million revolver credit facility (RCF) and letters of credit (LC) and extended the maturity by two years to March 2023. The company's business is also recovering faster than we anticipated. We believe the transaction removes any near-term refinancing risks on Goodpack. The upsizing of standby RCF by US$80 million also provides Singapore-based container lessor with additional liquidity buffer. On Nov. 11, 2020, S&P Global Ratings revised the outlook on Goodpack to stable from negative. We affirmed our 'B' long-term issuer credit rating on Goodpack, the 'B' long-term issue rating on the company's first-lien senior secured term loan, and the 'CCC+' long-term issue rating on the second-lien term loan. The recovery ratings on

...- IBC Capital Ltd. (Goodpack) has refinanced its US$195 million revolver credit facility (RCF) and letters of credit (LC) and extended the maturity by two years to March 2023. The company's business is also recovering faster than we anticipated. - We believe the transaction removes any near-term refinancing risks on Goodpack. The upsizing of standby RCF by US$80 million also provides Singapore-based container lessor with additional liquidity buffer. - On Nov. 11, 2020, S&P Global Ratings revised the outlook on Goodpack to stable from negative. - We affirmed our 'B' long-term issuer credit rating on Goodpack, the 'B' long-term issue rating on the company's first-lien senior secured term loan, and the '###+' long-term issue rating on the second-lien term loan. The recovery ratings on the first-lien term loan is '3' and on the second-lien term loan is '6'. - The stable outlook reflects our view that Goodpack will maintain its improved liquidity and business recovery over the next 12 months....

Research Update