S&P ups Cimpress loan

S&P said it raised its rating on Cimpress plc's senior secured first-lien credit facility to BB from BB- and revised its recovery rating on the debt to 1 from 2.

“These changes follow a proposed reduction in the size of the company's revolving credit facility and partial repayment of its first-lien term loan A with proceeds from a new issuance of 12% secured second-lien notes (unrated),” the agency said in a press release.

The 1 recovery rating indicates expectations for very high recovery (90%-100%; rounded estimate: 95%) of principal in a possible default.

© 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.