Moody’s revises IBC view to negative

Moody’s Investors Service said it revised the outlook for IBC Capital Ltd. (Goodpack) to negative from under review after refinancing its $195 million credit line due in March.

Concurrently, Moody’s confirmed the B2 senior secured rating on the $610 million first-lien term loan due September 2023 and the B3 senior secured rating on the $155 million second-lien term loan due September 2024. These loans are issued by Goodpack as the parent borrower and IBC Capital US LLC as the U.S. co-borrower and guaranteed by the subsidiaries.

The negative outlook reflects Goodpack’s elevated leverage, which the agency forecasts will remain at the top end of its tolerance range over the next 12-18 months, barring a significant expansion of profitability, according to Stephanie Cheong, a Moody’s analyst, in a press release.

© 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.