S&P cuts Omnimax International

S&P said it cut the issue-level rating on Omnimax International Inc.’s $385 million 12% senior secured notes due August 2020 to CCC from CCC+.

“The company has $598 million of debt coming due over the next 12 to 18 months, and we are forecasting 2019 adjusted debt to EBITDA above 9x, which could make refinancing a challenge,” said S&P in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.