S&P rates Crosby Worldwide second-lien loan CCC

S&P said it assigned its CCC issue-level rating and 6 recovery rating to Crosby Worldwide Ltd.'s proposed second-lien term loan. The 6 recovery rating indicates an expectation for negligible recovery (0%-10%; rounded estimate: 5%) in the event of a payment default.

The B- issue-level rating on the company's existing first-lien term loan was affirmed and the 3 recovery rating remain unchanged. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.

“We assigned ratings to Crosby's second-lien term loan after we received confirmation that the company had updated its structure,” S&P said in a news release.

“As part of the new structure, the company issued the $150 million second-lien term loan and reduced its first-lien term loan by $150 million to $475 million from $625 million. Crosby's total amount of outstanding debt will remain the same.”

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