Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange - S&P Global Ratings’ Credit Research

Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange

Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange - S&P Global Ratings’ Credit Research
Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange
Published Mar 31, 2020
4 pages (1789 words) — Published Mar 31, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

CHICAGO (S&P Global Ratings) March 31, 2020--S&P Global Ratings today lowered its issue-level rating on Vericast Corp.'s senior secured debt to 'CCC+' from 'B-' and revised its recovery rating on the debt to '3' from '2'. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) of principal in a hypothetical payment default. We lowered our issue-level rating and revised our recovery rating on the senior secured debt to reflect the company's new $325 million 12.5% senior secured notes due 2024, which it recently placed to facilitate a partial exchange for its outstanding 9.25% senior unsecured notes due 2021. We believe the exchange of the unsecured notes for secured notes reduced the recovery prospects for the

  
Brief Excerpt:

...Vericast Corp. Senior Secured Debt Rating Lowered To '###+', Recovery Rating Revised To '3' Following Debt Exchange...

  
Report Type:

Ratings Action

Ticker
664088Z
Issuer
Vericast Corp.
GICS
Commercial Printing (20201010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange" Mar 31, 2020. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-Senior-Secured-Debt-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-3-Following-Debt-Exchange-2405033>
  
APA:
S&P Global Ratings’ Credit Research. (). Vericast Corp. Senior Secured Debt Rating Lowered To 'CCC+', Recovery Rating Revised To '3' Following Debt Exchange Mar 31, 2020. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-Senior-Secured-Debt-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-3-Following-Debt-Exchange-2405033>
  
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