S&P ups Instant Brands recovery estimate

S&P said it affirmed the CCC+ rating on Instant Brands Holdings Inc.’s $450 million first-lien term loan and left the 3 recovery rating unchanged but raised the rounded estimated recovery to 55% from 50%.

“The company completed a liquidity enhancing transaction that increased its borrowing base availability. While the transaction improved Instant Brands' liquidity position, we revised our rounded recovery estimate to reflect the lower enterprise value available to lenders in our simulated default scenario due to the structure of the transaction,” S&P said in a press release.

All the agency’s other ratings on Instant Brands are unchanged, it said.

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