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S&P: AVSC on positive watch
S&P said it placed the B corporate credit rating on AVSC Holding Corp. on CreditWatch with positive implications.
The positive watch placement follows news that AVSC launched a roadshow for its initial public offering, S&P said.
The company plans to use the IPO proceeds to repay its $180 million second-lien debt and keep the remainder on its balance sheet, the agency said.
Pro forma the repayment of second-lien debt, S&P said it expects adjusted leverage to decrease to about 4.9x from 6.1x as of March 31.
The agency added it believes leverage could decline further to the low- to mid-4x range over the next 12 months due to EBITDA growth, the agency said.
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