S&P rates Workflow loans BB-, B

Standard & Poor's said it assigned its BB- corporate credit rating to Workflow Management Inc.

S&P also said it assigned its BB- rating and recovery rating of 3 to Workflow's proposed $340 million senior secured first-lien credit facilities. The facilities consist of a $40 million 5-year revolving credit facility and a $300 million 6-year term loan facility.

S&P also said it assigned its B rating and recovery rating of 5 to the company's planned $115 million 7-year senior secured second-lien term loan facility.

The outlook is negative.

S&P said it affirmed its BB- corporate credit and senior secured debt ratings on The Relizon Co, removing them from CreditWatch where they were listed in September with negative implications. The outlook is negative.

Through an acquisition deal, Relizon will become a wholly-owned subsidiary of Workflow and the ratings on Relizon will be withdrawn.

Workflow's ratings reflect its high debt leverage, moderate-size cash flow base, competitive market conditions and expected ongoing external growth strategy, S&P said.

These factors are partially offset by the company's good market position in the niche print management segment and its adequate liquidity, S&P said.

© 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.