DISTRESSED DAILY: Refinancing Risk Rises for Contact Lens Maker

Contact lens manufacturer ABB/Con-Cise Optical Group LLC faces increased refinancing risk as the Covid-19 pandemic continues to weigh on its sales.

ABB has a $95 million revolving facility due in December and a $418 million first-lien term loan due in June 2023, which could pose problems for the company if the emergence of new Covid-19 variants continues to limit in-person eye doctor visits, according to S&P Global Ratings. A measure of the company’s debt is 11 times its earnings, and is likely to stay this way through 2022, the credit grader said.

S&P downgraded ABB to CCC from CCC+ earlier ...