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Moody’s reviews ICON Health
Moody's Investors Service said it placed the ratings of ICON Health & Fitness, Inc. on review for possible downgrade.
Moody's expects ICON to generate modest EBITDA growth and positive free cash flow during the second half of 2016, but it does not expect these amounts to be sufficient to fully address the roughly $300 million in outstanding debt as of Nov. 28, 2015. The 11 7/8% senior secured bonds mature in October 2016 and the $175 million ABL revolving credit facility ($115 million outstanding at Nov. 28, 2015) expires in July 2016 provided the notes are still outstanding.
"The rationale for the review for downgrade is the uncertainty about the sustainability of the company's capital structure given the looming debt maturities," Moody’s senior credit officer Kevin Cassidy said in a news release.
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