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Prospect News home > News index > List of issuers C > Headlines for Corporate Capital Trust, Inc. > News item |
S&P rates Corporate Capital Trust loan BBB-
Standard & Poor's said it assigned its BBB- rating on Corporate Capital Trust's proposed $500 million senior secured term loan due in 2021. The issuer credit rating on the company is BBB- with a stable outlook.
Corporate Capital Trust intends to use the proceeds from the term loan to pay down its existing outstanding balance on its senior secured revolving credit facility, as well as for general corporate purposes.
S&P said it expects the company to maintain moderate leverage. Pro forma for this transaction, S&P estimates the company's debt-to-reported equity and debt-to-adjusted total equity ratios will be approximately 0.5x and 0.6x, respectively, still below the 0.8x and 1.2x triggers that S&P has indicated could result in a downgrade.
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