Waste management group Bingo Industries was bought out in a $2.3 billion takeover by a Macquarie entity.
The influential agency also lowered the issue credit rating on Bingo’s term-loan B facility to B-, adding that it now considers “liquidity to be less than adequate”. This puts Bingo in the lower half of speculative grade territory, which starts at BB+. Both the US and Australian dollar tranches rank the same in seniority.
Source: Loan Digest (loandigest.net)
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