Moody’s Investors Service reported that Emerald Expositions’ proposal to amend and extend its first lien term loan is credit positive, and it does not affect the company’s B2 corporate family rating, B2 senior secured credit facility rating or its stable outlook.
Emerald operates a wide range of trade shows. In the outdoor lifestyle space, venues include Outdoor Retailer, Surf Expo, The Sports Licensing & Tailgate Show, Impressions, Swim Collective, and Active Collective.
Moody’s said the leverage-neutral proposal is credit positive since it seeks a two-year maturity extension of the company’s $415 million first-lien term loan, which would have a new maturity date of May 2026.
Funds managed by Onex and its affiliates owned most of the company, including common stock issuable upon conversion of preferred stock, as of March 31, 2023, and Emerald is considered a controlled company as defined by the New York Stock Exchange.
