Ascend Performance softens; Live Nation strengthens; Helix Gen, Cyanco ready loan deals

By Sara Rosenberg

New York, June 14 – In the secondary market on Wednesday, Ascend Performance Materials’ term loan B was a little lower as the company’s ratings were downgraded by S&P Global Ratings, and Live Nation Entertainment Inc.’s term loan was better with a ratings upgrade and a stronger market in general.

Ascend Performance Materials’ term loan fell to 97½ bid, 98¼ offered on Wednesday from 97¾ bid, 98½ offered on Tuesday as S&P cut the company’s issuer credit and senior secured term loan ratings to B+ from BB-, according to a market source. The outlook is negative.

S&P said in the rating release that the downgrade reflects the company’s weak 2022 earnings and the expectation for continued weakness in 2023.

Over the past two quarters, the company faced challenges due to supply chain issues, weak demand, and excess inventory, the rating release explained.

Meanwhile, in the primary market, Helix Gen Funding LLC joined this week’s new issue calendar with an amendment and extension transaction, and Cyanco Intermediate 2 Corp. emerged with plans for a refinancing.

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