Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Anywhere Real Estate Group LLC > News item |
S&P rates Anywhere second-lien notes B+
S&P said it lowered Anywhere Real Estate Group LLC’s issue-level ratings to B- from B, revised the recovery rating to 6 from 5 and assigned B+ issue-level and 3 recovery ratings to its new 7% second-lien notes due 2030. The agency also removed the senior unsecured notes ratings from CreditWatch with negative implications.
“We revised our recovery rating on the company's senior unsecured debt to reflect the lower recovery prospects for its lenders in our simulated default scenario due to the addition of second-lien debt to its capital structure. We estimate the amount of second-lien notes to be $640 million upon completion of the exchange of $800 million old senior unsecured notes, including $273 million tendered by Angelo Gordon. The offer was oversubscribed with over $550 million additional notes tendered,” the agency said in a press release.
Anywhere’s B+ issuer rating and negative outlook are unchanged, S&P said.
“We continue to expect top-line pressures for Anywhere as low housing sales volumes suppress EBITDA generation in 2023. The company has managed to stay on track for its $200 million cost-savings target for the year, and it benefited from some relief on the commission splits in the second quarter. However, restructuring costs are higher than we previously anticipated, lowering our expectations for full-year 2023 EBITDA,” S&P said.
© 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.