DISTRESSED DAILY: Pure Fishing Seeks to Continue Pandemic Demand

Stalled earnings growth could leave fishing equipment maker Pure Fishing Inc. with an “unsustainable” capital structure, according to a Moody’s Investors Service note.

The company saw demand for its wares boom amid the pandemic, though it’s added to its debt load to fund its acquisition of European fishing supplier Svendsen Sport A/S.

The Columbia, South Carolina-based company used an additional $100 million on its first-lien term loan due 2025, $25 million of a second-lien term loan maturing in 2026 and borrowings under its asset-based lending revolver to fund the deal. It also boosted its revolver due in December ...