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| Prospect News home > News index > List of issuers M > Headlines for Medical Depot Holdings, Inc. > News item |
S&P cuts Medical Depot
S&P said it downgraded Medical Depot Holdings Inc. to SD from CCC+, its first-lien debt to D from CCC and the 1.5-lien debt to D from CCC-
“The downgrade follows the disclosure that Medical Depot completed a debt exchange in which it amended the terms on its first-lien term loan and converted its 1.5-lien loan into preferred shares. The amendment suspends the amortization on the first-lien debt through 2021, extends its maturity to June 1, 2025 from Jan. 3, 2023 and amends the 1.5-lien convertible PIK loan to remove the EBITDA threshold required for converting to preferred shares. Also, the 1.5-lien debt is converted into classes A and B preferred shares, both maturing in six years,” the agency said in a press release.
S&P said it considers the exchanged distressed.
The CCC- rating on the company's second-lien debt is unaffected, S&P said.
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