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Recovery Report: Amscan Holdings Inc.'s Recovery Ratings Profile Dec 11

  • ID: 2032165
  • December 2011
  • Standard & Poors
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As part of our ongoing surveillance, Standard & Poor's Ratings Services has completed a review of the issue-level and recovery ratings on Amscan Holdings Inc.'s senior secured term loan and senior subordinated notes. These ratings remain unchanged. Our simulated default scenario contemplates a default in 2014 due to a sharp drop in demand in party goods and heightened competition in the industry. The current capital structure consists of $350 million asset-based loans (ABL) due 2015, the seven-year $675 million senior secured term loan, and the senior unsecured $175 million senior subordinated notes. The term loans have a $175 million uncommitted accordion provided that the senior secured leverage ratio does not exceed 4x and is subject to a most-favored-nation pricing of...

Companies mentioned in this report are:
- Amscan Holdings 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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- Amscan Holdings Inc.

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