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Investors put Macquarie Asset Management’s Bingo Industries on watch as debt trades at a discount

  • 📰 FinancialReview
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Street Talk understands a small clip of long-dated debt in Macquarie’s waste management play Bingo traded in the past few weeks.

Waste management group Bingo Industries was bought out in a $2.3 billion takeover by a Macquarie entity.

The influential agency also lowered the issue credit rating on Bingo’s term-loan B facility to B-, adding that it now considers “liquidity to be less than adequate”. This puts Bingo in the lower half of speculative grade territory, which starts at BB+. Both the US and Australian dollar tranches rank the same in seniority.

 

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Trash talk: Macquarie-owned Bingo cops S&P downgradeS&P expects Bingo’s debt to EBITDA ratio will remain above nine-times for this financial year and above seven-times in FY25.
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