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S&P slashes HGIM
S&P said it slashed its ratings for HGIM Corp. to CC from CCC+ and its first-lien term loan to CC from B-.
The downgrade follows HGIM’s announced cash tender to buy back a portion of its $350 million first-lien term loan due 2023 at a discount to par value, which the S&P said it considers distressed.
HGIM is conducting a Dutch auction for up to $25 million. The company offers to pay between $400 and $500 per $1,000 of principal plus accrued and unpaid interest. If fully subscribed at the lower end of the offer range, this would equate to about $63 million of principal outstanding or 18% of the loans, the agency said.
The outlook is negative.
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