- Language: English
- 81 Pages
- Published: November 2011
- Region: Hungary
Recovery Report: Yankee Candle Co. Recovery Rating Profile Feb 11
- Published: February 2011
- Standard & Poors
We are revising our recovery report on Deerfield, Mass.-based retailer The Yankee Candle Co. Inc. to incorporate the company's proposed senior pay-in-kind toggle notes. We recently upwardly revised our ratings on the company's existing senior unsecured notes due to accelerated term loan prepayments, which reduced senior secured debt claims, resulting in added recovery value available to senior unsecured noteholders in the event of a default. The company plans to use proceeds from the new PIK notes to fund a special dividend to the company's equity sponsors. Our simulated default scenario assumes that the company reorganizes rather than liquidates, due to Yankee Candle's strong market position and leading brand in the premium scented candles market. (For Standard & Poor's recovery rating...
Companies mentioned in this report are: Yankee Candle Co. Inc. (The),YCC Holdings LLC,Yankee Finance, 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
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Yankee Candle Co. Inc. (The),YCC Holdings LLC,Yankee Finance, Inc.