S&P drops Optimas OE

S&P said it dropped its rating on Optimas OE Solutions Holding LLC to SD from CCC+ and lowered the rating on the company’s senior unsecured notes due 2021 to D from CCC.

The downgrade follows the company's distressed repurchase of a portion of its $225 million of senior secured notes due 2021. The company bought back $33 million of the notes for $20 million in cash. The face value it offered on the notes is about 60% of the repurchased notes' original par value.

S&P said it views the transaction as distressed because the debt investors did not receive the originally promised principal amount. Therefore, the agency lowered the issue-level rating on these notes to D.

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