Recovery Report: BCBG Max Azria Group Inc.'s Recovery Rating Profile
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has assigned issue-level and recovery ratings to Vernon, Calif.-based BCBG Max Azria Group Inc.'s ("Borrower") proposed $230 million first-lien term loan facility. The company intends to use the proceeds from the first-lien term loan, along with an amended and extended second-lien term loan (not rated), to refinance existing senior secured debt. Our simulated default scenario contemplates a default occurring in 2013 because of a severe economic downturn and an anemic consumer spending environment, resulting in a significant decline in demand for the company's products and erosion of the liquidity profile. Pro forma for the transaction, the company's capital structure will consist of a 3.5-year, $305 million asset-based revolving (ABL) credit facility ($30 million of which...
Companies mentioned in this report are: BCBG Max Azria Group Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
BCBG Max Azria Group Inc.
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