- Language: English
- 64 Pages
- Published: March 2012
- Region: Argentina
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
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.
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The Telx Group, Inc.
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