S&P lowers Omnimax International

S&P said it downgraded the ratings for Omnimax International Inc. and its $385 million of senior secured notes to D from CCC-.

“We lowered our issuer credit rating on Omnimax International Inc. because the company has not repaid its $385 million of senior secured notes due Aug. 17, 2020. Despite recently negotiating a forbearance agreement with the noteholders we characterize this as a general default because the company has failed to pay a substantial amount of its obligations as they have come due and we do not expect these payments to occur within 30 days,” S&P said in a press release.

The company entered a pact to be acquired by SVP Global, which is expected to close in October after the grace period ends. However, SVP Global is expected to repay the notes.

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