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S&P upgrades Optiv
S&P said it lifted Optiv Inc.’s issuer credit rating to CCC from SD (selective default).
The outlook is negative.
“Optiv has completed a distressed debt exchange of its second-lien debt in the fourth quarter of 2019, where it repurchased about $47 million of second-lien debt for about $23 million of cash,” the agency said in a news release.
“As of now, the second-lien trades at a significant discount to par, and the company has shown willingness to use its liquidity to retire additional debt, if there was an interested party willing to sell at a discount.”
The agency also lowered the ratings on the $800 million first-lien debt due 2024 to CCC from CCC+ and removed them from CreditWatch, where they were placed with negative implications on March 27.
S&P also raised the issue level rating on the $230 million second-lien debt due 2025 to CC from D.
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