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Bond Market News
Volcan Upgraded to CCC+ by Fitch
August 6, 2024
Volcan has been upgraded to CCC+ from CC by Fitch. The rating agency also upgraded Volcan’s senior unsecured bonds to CCC- from CC. The upgrade comes on back of the improvement in the debt profile of the company after the conclusion of its 2026 term loan refinancing, which pushed amortizations to start in 2025 and mature in 2029. Volcan has entered into a restructuring agreement with 36.3% of its 2026 noteholders, where its 4.375% 2026s will be exchanged for the expected 8.75% 2030s. The new senior secured notes and senior secured syndicate loan will be secured by a collateral package, including trusts over receivables, over shares of subsidiaries and mortgages over material assets. Fitch does not consider the exchange as a distressed debt exchange (DDE) since, at this time, it is not deemed to have been done to avoid a default.
Volcan’s 4.375% 2026s rose by 0.9 points to trade at 85.26 cents on the dollar, yielding 15.7%.
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