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Recovery Report: CSG Systems International Inc.'s Recovery Rating Profile Dec 11 Product Image

Recovery Report: CSG Systems International Inc.'s Recovery Rating Profile Dec 11

  • Published: December 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on Englewood, Colo.-based billing solutions provider CSG Systems International Inc. as part of our ongoing surveillance. Our simulated default scenario contemplates a default in 2015, primarily the result of the loss of a few key customers. In the event of a default, we would expect the company to reorganize rather than liquidate, and have valued the enterprise accordingly in arriving at our recovery estimations. The borrower is permitted to seek commitments to obtain incremental first-lien facilities of up to $250 million subject to an incurrence test of 2.25x first-lien leverage. Any incremental facilities are currently uncommitted, and we have not included them in our recovery analysis. The credit facilities are...

Companies mentioned in this report are: CSG Systems International Inc.

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CSG Systems International Inc.

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