Cooper-Standard Gains On Missed Payment

Cooper-Standard Automotive’s term loan rose after the company yesterday missed a combined $20 million interest payment on its 7% senior notes due 2012 and its 8 3/8% senior subordinated notes due 2014.

  • 16 Jun 2009
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--Leela Parker

Cooper-Standard Automotive’s term loan rose after the company yesterday missed a combined $20 million interest payment on its 7% senior notes due 2012 and its 8 3/8% senior subordinated notes due 2014. The term loan was trading at 58 1/2-60 today on the news, up from the low to mid 50s last week.

Cooper-Standard will use the 30-day grace period available under the bond indentures while it continues discussions with its equity sponsors and lenders to address the possible recapitalization of the company, a company spokeswoman said. The missed payment, however, does not constitute an event of default unless the payment is not made prior to the expiration of the grace period.

Meanwhile Standard & Poor’s today lowered the systems and components manufacturer’s corporate credit rating to D from CC. "We are not confident that Cooper-Standard will make the payments within the grace period," said credit analyst Nancy Messer. KDP Investment Advisors said in its view, the company’s options outside of Chapter 11 bankruptcy protection are slim.

  • 16 Jun 2009

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5 JP Morgan 5,220 8 7.29

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