S&P affirms KORE Wireless

S&P said it affirmed all its ratings on KORE Wireless Group Inc. despite S&P’s higher leverage expectations, given the agency’s expectation that lower annual cash interest burden will support the company's credit measures.

KORE Wireless announced it plans to upsize its proposed issuance of first-lien secured term loan debt to $280 million from $250 million and replace its proposed $90 million second-lien term loan with $60 million of 13¾% pay-in-kind preferred equity.

The company also disclosed it previously issued $83.5 million of Maple Holdings Inc. preferred equity securities to third-party investors, which results in leverage for 2019 increasing to 8.7x from 6.7x, S&P said in a news release.

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