SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : Internap Network Services Corporation
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10PreviousNext  
From: Savant1/27/2017 11:15:54 AM
   of 1011
 
The following is a press release from Standard & Poor's:

NEW YORK (S&P Global Ratings) Jan. 27, 2017--S&P Global Ratings said today

that its 'B' corporate credit rating and negative outlook on Atlanta-based

data center operator Internap Corp. are unaffected by the company's

announcement that it has entered into an amendment to its credit agreement.

The amendment will loosen the company's total leverage and interest coverage

covenants if it raises at least $40 million in equity on or before June 30,

2017 (where 100% of net proceeds must be used to pay down debt). While we

expect the amendment to modestly improve the company's covenant cushion,

operating performance has continued to be weak relative to our base-case

expectations for the last several quarters. Furthermore, the company has a

limited track record following recent management changes and reorganization

efforts. We could revise the outlook to stable from negative if operating

performance stabilizes, or the company executes other measures, such that we

have increased confidence in its ability to maintain covenant headroom above

15% on a sustained basis.

Only a rating committee may determine a rating action and this report does not

constitute a rating action.

Primary Credit Analyst: Rose Askinazi, CFA, New York 212-438-0354;

rose.askinazi@spglobal.com

Secondary Contact: Chris Mooney, CFA, New York (1) 212-438-4240;

chris.mooney@spglobal.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News