Recovery Report: Telx Group Inc. (The)'s Recovery Rating Profile Oct 11
Standard & Poors, October 2011
Abstract
On Sept. 19, 2011, Standard & Poor's Ratings Services revised the recovery ratings to the first-lien credit facility of New York City-based neutral colocation and interconnection data center company The Telx Group Inc. due to its completion of a smaller term loan offering than Telx had originally contemplated. Proceeds from the offering supported funding of a $710 million leveraged buyout (LBO) of the company by ABRY Partners and Berkshire Partners. As part of the transaction, the company refinanced about $250 million credit facilities. Our simulated default scenario contemplates a default during 2015, primarily a result of aggressive expansion, industry consolidation, and increased competition. We assume that the company would be able to reorganize following a payment default and have valued...
Companies mentioned in this report are: The Telx 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
The Telx Group, Inc.
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