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S&P downgrades IPC
S&P said it lowered the rating on IPC Corp. to SD from CC and cut the rating on its second-lien debt to D from CC.
“The downgrade follows IPC’s executed amendment with its lender group that will allow $166 million of the $316 million (outstanding) second-lien term loan to pay in kind (PIK). In exchange, second-lien lenders receive a 17.5% equity stake in the company and an additional 200 basis points of interest on the $166 million when the loans mature. The $150 million outstanding will continue to pay cash interest at L+950 with second-lien lenders participating in both the PIK and cash components on a pro rata basis,” said S&P in a press release.
The agency also removed the ratings from CreditWatch.
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