S&P boosts Visual Comfort

S&P said it raised its ratings for Visual Comfort (VC GB Holdings I Corp.) and its first-lien term loan to B from B-. The recovery rating remains 3, reflecting meaningful (50%-70%; rounded estimate: 50%) recovery in default.

Visual Comfort announced a leverage-neutral refinancing of its $295 million second-lien term loan, which has $269 million outstanding, with a fungible $275 million first-lien term loan add-on. It will use excess cash proceeds to pay fees and expenses.

“The upgrade reflects Visual Comfort's improved credit metrics, still-healthy consumer demand for higher-end home remodeling, and our expectation that supply chain headwinds have dissipated. Visual Comfort's S&P Global Ratings-adjusted leverage improved to 6.4x as of the end of fiscal 2023 from 6.9x for the same prior-year period,” S&P said in a statement.

The outlook remains stable.

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