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Prospect News home > News index > List of issuers D > Headlines for DTI Holdco, Inc. > News item |
S&P raises Epiq, gives loan B-
S&P said it raised the issuer rating for DTI Holdco Inc. (Epiq) to B- from CCC+ and rated its planned first-lien term loan B- with a 3 recovery rating. Epiq also plans to secure a second-lien loan that S&P is not rating.
“Epiq's recapitalization will alleviate its liquidity risk by extending the near-term maturity. The company is extending the maturity of the existing first-lien term loan to 2029 from 2023 and increasing its revolver commitment to $125 million (unfunded at close) from $75 million. Pro forma for the transaction, we estimate the company's S&P Global Ratings-adjusted leverage will be in the low-6x area as of March 31, 2022, which is down from about 10x the previous year,” the agency said in a press release.
S&P also noted the company’s performance is back to pre-pandemic levels and that its largest segment produced a more than 25% year-over-year increase bookings.
The outlook is stable.
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