S&P puts Trader on watch

S&P said it placed all its Trader Corp. ratings, including its B issuer rating, on CreditWatch with negative implications.

“Absent refinancing, the near-term maturity of the revolver and first-lien term loan leads to less than adequate liquidity over the next 12 months. The CreditWatch placement reflects the refinancing risk that Trader faces with its upcoming debt maturities given current weak market conditions and rising interest rates,” the agency said in a press release.

The company's C$677 million senior secured first-lien term loan outstanding, as of third-quarter fiscal 2022, is current and matures in September 2023. Trader’s undrawn C$50 million senior secured revolving credit facility expires on March 28, 2023.

S&P said it plans to resolve the CreditWatch soon after Trader completes its refinancing and reviews the company’s operations amid macroeconomic headwinds.

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