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The Telx Group Inc. Amended Senior Secured Credit Facility Downgraded To 'B'; Recovery Rating Revised To '2' From '1' Feb 12 Product Image

The Telx Group Inc. Amended Senior Secured Credit Facility Downgraded To 'B'; Recovery Rating Revised To '2' From '1' Feb 12

  • Published: February 2012
  • Standard & Poors

FEATURED COMPANIES

Abstract
NEW YORK (Standard & Poor's) Feb. 13, 2012--Standard & Poor's Ratings Services said today that it lowered its issue-level rating on New York City-based The Telx Group Inc.'s amended $380 million senior secured credit facility to 'B' from 'B+'. At the same time, we revised the recovery rating on the facility to '2' from '1'. The '2' recovery rating indicates expectations for substantial (70%-90%) recovery in the event of a payment default. The downgrade is due to the lower recovery prospects for the larger, amended facility. Pro forma for the transaction, the facility will consist of a $330 million first-lien term loan (increased from $255 million) and a $50 million revolving credit facility. The company intends to use the proceeds...

Companies mentioned in this report are: The Telx Group, Inc.
Action: Downgraded

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, READ MORE >

The Telx Group, Inc.

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