S&P cuts Knot first-lien rating

S&P said it downgraded the Knot Worldwide Inc.’s first-lien debt to B from B+ and revised the recovery rating to 3 from 2. The B issuer rating is unchanged.

Knot plans to issue an incremental $175 million add-on to its first-lien term loan. The lower ratings reflect the increased first-lien debt in the company’s capital structure, the agency said.

The company plans to use the proceeds to repay its $175 million second-lien term loan. Knot also is extending the maturity of its $50 million revolving credit facility by five years.

The outlook is stable.

© 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.