Vericast Corp. Ratings Placed On CreditWatch Positive On Proposed Refinancing; New Debt Rated

Vericast Corp. plans to refinance its debt structure through a series of amendments and exchanges to extend its nearest term loan and notes maturities to 2026. If completed as proposed, the transaction would alleviate the company's near-term maturity risk, but leverage would remain elevated due to the company's substantial debt burden. We are placing the 'CCC' issuer credit rating on CreditWatch with positive implications. If the transaction closes as proposed, we will raise the rating to 'CCC+'. We are placing our 'CCC' rating on the company's proposed amended first-lien term loan on CreditWatch with positive implications. If the transaction closes as proposed, we will raise the issue-level rating to 'B-', in line with the proposed first-lien notes. We are assigning

...August 9, 2021 - Vericast Corp. plans to refinance its debt structure through a series of amendments and exchanges to extend its nearest term loan and notes maturities to 2026. If completed as proposed, the transaction would alleviate the company's near-term maturity risk, but leverage would remain elevated due to the company's substantial debt burden. - We are placing the '###' issuer credit rating on CreditWatch with positive implications. If the transaction closes as proposed, we will raise the rating to '###+'. - We are placing our '###' rating on the company's proposed amended first-lien term loan on CreditWatch with positive implications. If the transaction closes as proposed, we will raise the issue-level rating to 'B-', in line with the proposed first-lien notes. - We are assigning our 'B-' issue-level rating to the company's proposed first-lien notes and our '###-' issue-level rating on the company's second-lien notes. - The CreditWatch positive listing reflects our expectation...

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