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S&P cuts IPC
S&P said it lowered IPC Corp.’s issuer rating to SD from CCC- and its second-lien debt to D following a distressed exchange.
“The downgrade of the company and its second-lien debt follows IPC's announcement that it has recapitalized its business by granting second-lien debt holders equity in the company in exchange for eliminating previous claims. This distressed exchange agreement results in a reduction of more than $400 million of the company's debt. While this will improve the company's credit metrics going forward, we believe holders of second-lien debt have received less than the original promise,” S&P said in a press release.
As part of the transaction, IPC repaid in full its first-lien term loan.
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