Recovery Report: Vision Solutions Inc.'s Recovery Rating Profile Mar 11
Standard & Poors, March 2011
Abstract
Standard & Poor's Ratings Services assigned issue-level rating and recovery ratings to Vision Solutions Inc.'s proposed $385 million senior secured credit facilities. The company intends to use the proceeds to repay the existing debt, to redeem existing preferred stock, and to fund a dividend payment. Our default scenario contemplates a default in 2015 due to increased competition, a delay or cut-back in IT spending, and a significant technical failure. Vision Solutions Inc. will be the borrower of the new $385 million credit facilities comprising a $15 million revolver, a $240 million first-lien term loan, and a $130 million second-lien term loan. Obligations under the facilities will be guaranteed by each of the borrower's direct and indirect domestic subsidiaries, and its...
Companies mentioned in this report are: Vision Solutions 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
Vision Solutions Inc
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