Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Y > Headlines for YS Garments LLC > News item |
Moody's upgrades YS Garments
Moody's Investors Service said it upgraded YS Garments, LLC's (Next Level Apparel) senior secured bank credit facilities to B3 from Caa1, its corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.
Moody’s changed the outlook to stable from rating under review. These actions conclude the review for upgrade initiated on Feb. 15.
“The upgrade of Next Level Apparel's ratings reflects the extension of the majority of the company's debt maturity profile following the completion of its amend and extend transaction with consent of approximately 94% of its lenders resulting in a $259 million first-lien term loan due August 2026 and a $48 million revolving credit facility expiring February 2026. The stub debt of non-consenting lenders includes a revolving credit facility of less than $2 million expiring February 2024 and first-lien term loan of $17 million due August 2024,” Moody’s said in a press release.
The stable outlook indicates good liquidity as the issuer’s 2024 debt maturities are repaid. “Moody's also expects significant free cash flow and operating performance improvement as well as working capital benefits in the second half of 2023,” the agency said.
© 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.