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S&P turns KLDiscovery view to stable
S&P said it revised KLDiscovery Inc.’s outlook to stable from negative and withdrew all its ratings for the company.
The new unrated facility will consist of a $300 million term loan, a $50 million delayed draw term loan, and a $40 million revolving credit facility. The new facility’s maturity date is the earlier of five years after the closing date and six months before the maturity of the company’s 11% convertible debentures due 2024.
“We view the refinancing as a positive credit development because the company will have improved free cash flow and greater total available liquidity. In addition, KLDI demonstrated better-than-expected operating performance throughout the second half of 2020, and we expect pent-up demand for eDiscovery services will lead to a return to revenue growth for the company in 2021,” S&P said in a press release.
The withdrawal follows KLDiscovery refinancing its debt with a new unrated facility, the agency said.
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