Belcan Improves Debt Outlook, Loosens Covenant

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On November 17, 2020, S&P Global Ratings affirmed its CCC+ rating on Propulsion Acquisition LLC (d/b/a Belcan, LLC) and assigned its CCC+ rating to the Company's amended and restated $430.8 million first-lien term loan due 2024. Belcan has recently completed an amendment of its first-lien term loan, extending its maturity to 2024 and loosening its covenant. Belcan's recent transaction improves liquidity, according to the ratings agency.

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