Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative - S&P Global Ratings’ Credit Research

Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative

Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative - S&P Global Ratings’ Credit Research
Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative
Published May 26, 2021
3 pages (1454 words) — Published May 26, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Vericast Corp.'s asset-based lending (ABL) revolving credit facility and term loan are now current according to the springing maturities outlined in its credit agreements, which increases the risk of a payment default or distressed exchange over the next 12 months. We are lowering our issuer credit rating and issue-level ratings on Vericast to 'CCC' from 'CCC+'. The negative outlook reflects the risk that the company will be unable to refinance its 8.375% senior secured notes at par ahead of the May 2022 springing debt maturities for its ABL revolver and term loan, which could lead to a liquidity event or distressed exchange. CHICAGO (S&P Global Ratings) May 26, 2021—S&P Global Ratings today took the rating actions listed above. The company's

  
Brief Excerpt:

...May 26, 2021 - Vericast Corp.'s asset-based lending (ABL) revolving credit facility and term loan are now current according to the springing maturities outlined in its credit agreements, which increases the risk of a payment default or distressed exchange over the next 12 months. - We are lowering our issuer credit rating and issue-level ratings on Vericast to '###' from '###+'. - The negative outlook reflects the risk that the company will be unable to refinance its 8.375% senior secured notes at par ahead of the May 2022 springing debt maturities for its ABL revolver and term loan, which could lead to a liquidity event or distressed exchange. CHICAGO (S&P Global Ratings) May 26, 2021--S&P Global Ratings today took the rating actions listed above. The company's ABL revolver and term loan mature in May 2022 due to the springing debt maturities in its credit agreements. Vericast's ABL revolver ($116 million outstanding as of April 3, 2021) and senior secured term loan ($1.4 billion outstanding)...

  
Report Type:

Ratings Action

Ticker
664088Z
Issuer
Vericast Corp.
GICS
Commercial Printing (20201010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative" May 26, 2021. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-Downgraded-To-CCC-On-May-2022-Springing-Debt-Maturities-Outlook-Negative-2655392>
  
APA:
S&P Global Ratings’ Credit Research. (). Vericast Corp. Downgraded To 'CCC' On May 2022 Springing Debt Maturities, Outlook Negative May 26, 2021. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-Downgraded-To-CCC-On-May-2022-Springing-Debt-Maturities-Outlook-Negative-2655392>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.