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S&P ups RGIS, rates loan B-
S&P said it upgraded RGIS Holdings LLC’s issuer rating to B- from D and assigned a B- rating with 3 recovery rating to the company’s new secured term loan due 2025.
The upgrade follows the company completing its restructuring, which term loan lenders and revolver borrowers converted into a new $200 million first-lien secured term loan and equity, S&P said.
“In our view, the company’s restructuring provides a more sustainable capital structure by eliminating over $230 million of debt. The terms governing the new secured term loan due 2025 are favorable for RGIS such that it substantially reduces annual principal and interest payments and incorporates payment optionality,” S&P said in a press release.
The outlook is negative.
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