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S&P upgrades HGIM
S&P said it raised HGIM Corp.’s issuer rating to CCC+ from SD.
The company completed a cash tender for its first-lien term loan due 2023 on Dec. 9 and on Wednesday reported another offer for $30 million of principal at a 45%-50% discount to par.
“The upgrade to CCC+ reflects our assessment of HGIM’s credit risk following its below-par term loan repurchases, which we considered to be distressed. The rating reflects the company’s unsustainable leverage, with projected FFO to debt of less than 5% and debt to EBITDA of more than 8x in 2021,” S&P said in a press release.
The first-lien term loan’s D rating is unchanged.
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