Jan. 4, 2023, 1:00 PM
BW Homecare Holdings LLC should be considered in default on $861 million in loans because its lenders will collect less than they should under a debt exchange the health-care provider completed last month, according to S&P Global Ratings.
“We view the transaction as a distressed exchange,” wrote S&P credit analysts Kristen Shuman and
In the exchange, the company installed $175 million in new debt ahead of the term loans and pushed out the maturity on the older loans, S&P said. The new debt includes a $50 million “super-senior first-out” revolver and $125 million …
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