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S&P Lowers GC’s Credit Rating

Christian Wissmuller by Christian Wissmuller
June 19, 2013
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​According to Reuters, Standard & Poor’s cut its debt rating on Bain Capital-owned Guitar Center Holdings Inc. late last month, from ‘B-‘ to ‘CCC+’ due to “weak operating trends.”

“Although we anticipate the company (will) obtain the amendment to its financial covenants, we believe its capital structure is unsustainable in the long term and the company is dependent upon favorable business, financial, and economic conditions to meet its financial commitments,” S&P credit analyst Mariola Borysiak said in a recent note to clients.

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Purchased using Bain Capital Fund IX in a deal valued at $2.1 billion six years ago, Guitar Center Holdings holds several debt instruments, including a $373 million ABL revolver, about $402 million in senior unsecured notes and $375 million in senior unsecured notes for its subsidiary Guitar Center Inc. It also floated a $650 million term loan.

S&P reviewed the company’s debt instruments in the wake of weaker-than-expected performance over the past two quarters and a “deteriorating liquidity position.” GC may have to borrow under its revolver to fund its operations and financing needs, S&P said.

Looking ahead, S&P said management’s efforts over the next year will revolve around strengthening the company’s brand image and improving declining operations at the company’s direct response segment.

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