Fitch gives West Technology loan B, notes CCC

Fitch Ratings said it assigned B/RR3 rating to West Technology Group LLC (formerly Intrado Corp.) new $901 million first-lien senior secured term loan B-3 due 2027 and CCC/RR6 rating to the company's $442 million of second-lien senior secured notes due 2027. The agency revised the outlook to stable from negative.

The agency also affirmed the company’s B- issuer default rating, the B/RR3 ratings on its remaining term loan due 2024 but downgraded the remaining senior unsecured bonds due 2025 to CCC-/RR6 from CCC/RR6.

“The ratings and outlook revision reflect the more than $2 billion reduction in debt resulting from the sale of the company's safety business to funds affiliated with Stonepeak Partners LP. The transaction resulted in net proceeds of $2.3 billion. In conjunction with the debt paydown, the company extended the maturity of nearly all of its remaining outstanding debt to 2027,” Fitch said in a statement.

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