According to S&P Global Ratings, Cirque du Soleil did not pay principal and interest on its first-lien term loan, and did not pay interest on its second-lien term loan, both due March 31.
On April 3, 2020—S&P Global Ratings took the rating actions and lowered ratings to 'D' because Cirque did not pay principal and interest on its first-lien term loan, and did not pay interest on its second-lien term loan, both due March 31.
In addition, S&P expect the event of default on the first-lien term loan that will trigger a cross default under provisions in the second-lien term loan credit agreement.
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Photo: Cirque du Soleil