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Lexmark news

Lexmark receives credit rating

  • Lexmark is a division of Ninestar of China
  • Fitch Ratings announced it gave the company a “B-“ rating
  • Says Lexmark repaid its public bonds through a $339.1 million draw on commitments provided by China CITIC Bank Corp Limited, Guangzhou Branch
  • Believes that Lexmark’s revenue will decline to a “high single digit” for Q2 of 2020
    • Predict decline of 10% for hardware sales
    • Decline of 5% in supplies revenue
  • Reports that Lexmark faces an additional $128 million of term loan amortizations in 2020
    • Additional $249 million in 2021
    • Also $200 million in revolver facilities are due for renewal/extension upon maturity in 2021
    • Ninestar has committed to providing $75 million in liquidity to meet Lexmark’s financial obligations if Lexmark is not able to generate positive cash flow this year
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