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S&P revises SVP recovery rating
S&P said it lowered the recovery rating on SVP Worldwide’s (Stitch Acquisition Corp.) senior secured term loan to 4 from 3 and revised the rounded recovery estimate on the first-lien term loan to 40% from 50%, reflecting the issuance of $50 million of senior secured notes in December.
The agency said it removed the negative watch on SVP after the company issued the notes to its owner Platinum Equity Partners. SVP used the proceeds to repay about $36.8 million in borrowings on its asset-based lending facility and added the rest to cash.
Concurrently, S&P affirmed the CCC ratings on SVP and its term loan.
The outlook is negative.
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