S&P ups Apex Tool, rates loans B-, CCC+

S&P said it boosted Apex Tool Group LLC’s issuer rating to B- from CCC. The agency also assigned regular B- issue and 3 recovery ratings to its first-lien credit facilities and CCC+ issue and 6 recovery ratings to its second-lien term loan. On Jan 28, Prospect News reported preliminary ratings for the first-lien and second-lien loans.

The upgrade follows Apex completing a series of refinancings and debt repayments that lengthen its weighted average maturity timeline to roughly 6.5 years and resolve any near-term default risks, the agency said.

The outlook is stable.

© 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.