Amscan's senior secured credit facilities affirmed after 50 mln usd shift - S&P |
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Published
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Tue, 29 May 2007 17:48
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has affirmed loan and recovery ratings on Amscan Holdings Inc's 575 mln usd proposed senior secured credit facilities, after the company said it will increase the asset-based revolving credit facility by 50 mln usd and decrease the term loan by 50 mln usd.The facility, now comprising a 200 mln usd revolving credit facility, is rated 'BB-' with a recovery rating of '1', indicating an expectation of full recovery of principal in the event of payment default.A 375 mln usd first-lien term loan B is rated 'B' with a '3' recovery rating, indicating expectations of meaningful recovery of principal in the event of a payment default.The rating agency said despite a higher level of priority debt in the capital structure following the increase in the revolving credit facility, term loan lenders should continue to expect meaningful recovery.tfn.newsdesk@thomson.comrku/wjCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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USI Holdings refinances credit 