S&P raises Corsair

S&P said it upgraded its ratings on Corsair Group (Cayman) LP and its first-lien debt to B+ from B. The 3 recovery rating is unchanged.

“The upgrade primarily reflects our expectation that Corsair’s repayment of a portion (about $87 million) of its first-lien term loan will reduce its leverage to below 5x, our previous upside trigger. In addition, the company’s free cash flow generation will also improve as its interest burden is reduced by about $8 million-$10 million,” S&P said in a press release.

Corsair also repaid its second-lien loan.

S&P said it assigned its B+ issuer credit rating to Corsair Gaming, Inc., the issuer of Corsair’s public equity. Corsair Gaming will carry S&P’s public corporate rating, and all outstanding debt has been redomiciled to the new parent.

© 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.