S&P puts AmerCable on watch

Standard & Poor's said it placed the B- corporate credit rating on AmerCable Inc. on CreditWatch with negative implications.

AmerCable's recent request to amend its first-lien credit agreement to allow the company use up to $20 million of internally generated cash and equity sponsor contributions to repurchase first-lien notes at less than par prompted the watch, according to the agency.

"Upon execution of the amendment, we would likely lower the corporate credit rating on AmerCable to CCC, reflecting the increased potential for the company to engage in debt tender offers that we view as distressed," S&P analyst Susan Madison said in a statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.