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Research Update: Yankee Candle Co. Inc. 'B' Rating Affirmed; Proposed $580M Term Loan Rated 'BB-' (Recovery: '1'); Notes Ratings Lowered Mar 12
Standard & Poors, March 2012
U.S.-based The Yankee Candle Co. Inc. plans to issue $580 million of term loan debt due 2019 and a $175 million asset-based lending revolving credit facility (ABL) due 2017. The company will use net proceeds to refinance the existing term loan and ABL, in addition to retiring $180 million of the senior unsecured notes due 2015. We are affirming our 'B' corporate credit rating on Yankee Candle and assigning a 'BB-' issue-level rating and a '1' recovery rating to the company's proposed $580 million term loan. At the same time, we are lowering the issue-level rating on the company's 8.5% senior unsecured notes due 2015 to 'CCC+' from 'B', and revising the recovery rating to '6' from '3'. The ratings...
Companies mentioned in this report are: The Yankee Candle Co. Inc.,YCC Holdings LLC,Yankee Finance Inc.
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
The Yankee Candle Co. Inc.,YCC Holdings LLC,Yankee Finance Inc.