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S&P cuts HGIM
S&P said it lowered HGIM Corp. to SD from CC and its first-lien term loan to D from CC.
The downgrade follows the completion of HGIM’s previously announced cash tender to repurchase a portion of its $350 million first-lien term loan at a well-below par value, the agency said. The company tendered $11.4 million in face value for $5.7 million in cash.
“We view the transaction as distressed and tantamount to default because debt investors did not receive the originally promised amount,” S&P said in a press release.
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