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S&P ups Mitel, rates loans B, CCC+, CCC-
S&P said it raised its issuer credit rating on Mitel Networks (International) Ltd. to CCC+ from SD, selective default, and its issue-level rating on the company's remaining first-lien and second-lien term loans to CCC- from D or default. The 6 recovery rating on the debt is unchanged.
Concurrently, the agency assigned B issue-level and 1 recovery ratings to Mitel's $156 million super priority debt due 2027 and new $65 million revolver credit facility due 2025. Additionally, S&P rated the company's $576 million second-out facility due 2027, CCC+ with a 3 recovery rating, and Mitel's $125 million third-out facility due 2027, CCC- with a 6 recovery rating.
“While these transactions support the company's liquidity for the next 12 months and have extended some of Mitel's debt maturity, the company has also increased its total debt load by $100 million,” S&P said in a press release.
The agency said it forecasts Mitel’s fiscal 2022 adjusted EBITDA will decline by about the low-to-mid-teens percentage area and could remain flat for fiscal 2023.
The outlook is negative.
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