S&P rates Output Services loan CCC

S&P said it assigned a CCC rating to Output Services Group Inc.’s proposed $155 million second-lien term loan due 2024 with a recovery rating of 6.

The company plans to issue a $235.5 million incremental first-lien term loan due March 2024.

Output services will use the proceeds to repay and refinance debt.

The company will also increase commitments under its revolver by $5 million to $20 million.

S&P affirmed the B- ratings on the company and its senior secured credit facilities. The recovery rating of 3 is unchanged.

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.