Research Update: Inmar Inc. Outlook Revised To Negative On Refinancing Risk; 'B-' Rating Affirmed On Solid Performance

Inmar Inc., a Winston-Salem-based provider of technology-enabled coupon and inventory, logistics, and settlement services, has significant debt maturities in 2024 including its $75 million revolver in January 2024 and $1.1 billion first-lien term loan in May 2024. While we expect the company to demonstrate strong operating performance in 2022, we believe the combination of rising interest rates and a looming recession in the first half of 2023 could make it difficult for Inmar to refinance its capital structure before its first-lien maturity becomes current on May 1, 2023. We affirmed our ratings on Inmar, including our 'B-' issuer credit rating and revised our outlook to negative from stable. The negative outlook reflects the risk that Inmar is unable or unwilling

...- Inmar Inc., a Winston-Salem-based provider of technology-enabled coupon and inventory, logistics, and settlement services, has significant debt maturities in 2024 including its $75 million revolver in January 2024 and $1.1 billion first-lien term loan in May 2024. - While we expect the company to demonstrate strong operating performance in 2022, we believe the combination of rising interest rates and a looming recession in the first half of 2023 could make it difficult for Inmar to refinance its capital structure before its first-lien maturity becomes current on May 1, 2023. - We affirmed our ratings on Inmar, including our 'B-' issuer credit rating and revised our outlook to negative from stable. - The negative outlook reflects the risk that Inmar is unable or unwilling to refinance its upcoming maturities before they become current due to adverse market conditions and that a potential refinancing at elevated rates could result in negligible free operating cash flow generation....

Research Update