Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research

Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2')

Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2') - S&P Global Ratings’ Credit Research
Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2')
Published Jul 03, 2024
3 pages (1258 words) — Published Jul 03, 2024
Price US$ 150.00  |  Buy this Report Now

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Abstract:

WASHINGTON D.C. (S&P Global Ratings) July 3, 2024-- S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to Vericast Corp.'s proposed $1.291 billion first-lien term loan facility. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery of principal in the event of a payment default. We also assigned our 'CCC' issue-level rating and '6' recovery rating to the company's proposed $526.9 million senior second lien notes. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery of principal in the event of a payment default. The company intends to use the proceeds from this issuance to refinance its existing debt. The stable outlook reflects our expectation that,

  
Brief Excerpt:

...July 3, 2024 WASHINGTON D.C. (S&P Global Ratings) July 3, 2024-- S&P Global Ratings today assigned its 'B' issue-level rating and '2' recovery rating to Vericast Corp.'s proposed $1.291 billion first-lien term loan facility. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 80%) recovery of principal in the event of a payment default. We also assigned our '###' issue-level rating and '6' recovery rating to the company's proposed $526.9 million senior second lien notes. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery of principal in the event of a payment default. The company intends to use the proceeds from this issuance to refinance its existing debt. The stable outlook reflects our expectation that, pro forma for the transaction, the company's leverage will decline to about 5.5x and its free operating cash flow (FOCF) to debt will rise to about 2%-3%. We also expect Vericast's pro forma...

  
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
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2')" Jul 03, 2024. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-s-Proposed-1-291-Billion-First-Lien-Term-Loan-Facility-Rated-B-Recovery-Rating-2-3209818>
  
APA:
S&P Global Ratings’ Credit Research. (). Vericast Corp.'s Proposed $1.291 Billion First-Lien Term Loan Facility Rated 'B' (Recovery Rating: '2') Jul 03, 2024. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Vericast-Corp-s-Proposed-1-291-Billion-First-Lien-Term-Loan-Facility-Rated-B-Recovery-Rating-2-3209818>
  
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