Vericast Corp.'s Outlook Revised To Negative On Canceled Refinancing - S&P Global Ratings’ Credit Research

Vericast Corp.'s Outlook Revised To Negative On Canceled Refinancing

Vericast Corp.'s Outlook Revised To Negative On Canceled Refinancing - S&P Global Ratings’ Credit Research
Vericast Corp.'s Outlook Revised To Negative On Canceled Refinancing
Published Mar 09, 2021
4 pages (1858 words) — Published Mar 09, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Vericast Corp. has canceled its proposed refinancing that would have extended its nearest term loan and notes maturities to 2026. S&P Global Ratings is affirming its 'CCC+' issuer credit rating and revising the outlook to negative from stable. We are affirming our 'CCC+' ratings on the company's existing senior secured debt and removing the CreditWatch positive we placed on the existing term loan. At the same time, we are withdrawing our ratings on the company's proposed debt. The negative outlook reflects the risk that Vericast will not be able to refinance its capital structure ahead of its 2022 debt maturities, leading to a liquidity event and an increased risk of a distressed exchange or restructuring. These risks are exacerbated by

  
Brief Excerpt:

...March 9, 2021 - Vericast Corp. has canceled its proposed refinancing that would have extended its nearest term loan and notes maturities to 2026. - S&P Global Ratings is affirming its '###+' issuer credit rating and revising the outlook to negative from stable. - We are affirming our '###+' ratings on the company's existing senior secured debt and removing the CreditWatch positive we placed on the existing term loan. - At the same time, we are withdrawing our ratings on the company's proposed debt. - The negative outlook reflects the risk that Vericast will not be able to refinance its capital structure ahead of its 2022 debt maturities, leading to a liquidity event and an increased risk of a distressed exchange or restructuring. These risks are exacerbated by the secular declines in Vericast's key segments, its sustained high leverage, and lack of significant sustained cash-flow generation relative to its debt fixed charges. CHICAGO (S&P Global Ratings) March 9, 2021--S&P Global Ratings...

  
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.'s Outlook Revised To Negative On Canceled Refinancing" Mar 09, 2021. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-s-Outlook-Revised-To-Negative-On-Canceled-Refinancing-2608042>
  
APA:
S&P Global Ratings’ Credit Research. (). Vericast Corp.'s Outlook Revised To Negative On Canceled Refinancing Mar 09, 2021. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-s-Outlook-Revised-To-Negative-On-Canceled-Refinancing-2608042>
  
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