...December 9, 2024 Our ratings on Selecta hinge on its capacity to timely refinance its upcoming debt maturities. It has material debt maturities in the first half of fiscal 2026 (ending Dec. 31, 2026). The 150 million revolving credit facility (RCF; outstanding 104 million) matures in January 2026, and therefore becomes current in January 2025. As a result, absent an extension in the coming weeks, we will exclude the RCF from our estimate of liquidity sources, which might lead us to revise down our liquidity assessment. Selecta's first- and second-lien notes also mature in April and July 2026. Our ratings are therefore exposed to refinancing risk and could be pressured in the absence of any concrete refinancing plans at least 12 months in advance of the maturities. Selecta's S&P Global Ratings-adjusted debt as of fiscal 2023 now comprises:...
