Cooper Standard (CPS) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$2,789	$662	(1.5%)	$2,779	(0.4%)
Adj. EBITDA	$207	$84	107.2%	$252	21.8%
Free Cash Flow	($43)	$40	(11.0%)	$73	269.5%
Net Debt, end of period	$1,034	$994		$961	(7.0%)
Net Debt / Adj. EBITDA	5.0x	4.0x		3.8x	-1.2x
Total Liquidity, end of period	$305	$345		$378	23.8%

The credit over the next year

Cooper Standard sells sealing and fluid handling parts on vehicle platforms, so next year's sales track light vehicle builds in North America (about 55% of sales) and Europe (about 22%); the company's own 2026 assumptions imply a soft fourth quarter of about 3.5 million North American units and industry forecasts call for flat to modest growth in 2027. The bigger swing for margin and cash is material cost: petroleum-derived inputs rose sharply from the second quarter of 2026, cutting 2026 EBITDA guidance to $235-245mm from $265-295mm, and recovery depends on index-based pricing catching up. A stronger euro adds reported sales but little EBITDA because European plants buy and pay locally.

Leverage falls from 5.0x to 3.8x over the next four quarters on the starting case.
Free cash flow of $73mm is projected over the next year, with no itemised debt due in that time.
Net debt shrinks from $1.03bn to $961mm.
Liquidity a year out is $378mm, against $305mm today.
Company guidance for fiscal 2026: adjusted EBITDA of $235mm to $245mm on its own definition.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$112.3
9.250% Senior Secured First Lien Notes due 2031	1,100.0	101.4%*	8.86%	5.3x	Bullish
ABL Facility (asset-based revolver)	0.0	100.0%	N/a	5.3x	Bullish
Other borrowings (local bank lines)	43.3	100.0%	N/a	5.5x	Bullish
Finance leases	16.4	100.0%	N/a	5.6x	Bullish
Total Debt	$1,146.0			5.5x
Net Debt	$1,033.7			5.0x

Last Twelve Months

Revenue	$2,789
Implied Costs	(2,582)
Adj. EBITDA	$207
(-) Interest Expense	(112)
(-) Capex	(66)
Memo: FCF	($43)
Total Liquidity	$305.4

Next 12 months, starting case▶ Revenue $2.79bn → $2.78bn▲ Adj. EBITDA $207mm → $252mm▲ Free cash flow -$43mm → $73mm▼ Net leverage 5.0x → 3.8x▲ Liquidity $305mm → $378mm

Cooper Standard

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$112.3
Undrawn Revolver ($200mm facility)			193.1
Total Liquidity			$305.4

9.250% Senior Secured First Lien Notes due 2031	9.25%	3/1/2031	1,100.0	101.4%*	8.86%	3/1/2028 @ 104.625	11.12%	Bullish
ABL Facility (asset-based revolver)	S + 150 to 225	9/3/2031	0.0	100.0%	N/a	N/a	N/a	Bullish
Other borrowings (local bank lines)	N/a	N/a	43.3	100.0%	N/a	N/a	N/a	Bullish
Finance leases	N/a	N/a	16.4	100.0%	N/a	N/a	N/a	Bullish
Total Secured Debt			$1,159.7						NA	14.0x	6.2x	5.6x	5.3x	5.6x	4.6x	5.6x
Net Secured Debt			$1,047.4						NA	12.7x	5.6x	5.1x	4.8x	5.1x	4.2x	5.1x

Other debt, discounts and issuance costs	N/a	N/a	(13.7)
Total Debt			$1,146.0						NA	13.8x	6.1x	5.5x	5.2x	5.5x	4.6x	5.5x
Net Debt			$1,033.7						NA	12.5x	5.5x	5.0x	4.7x	5.0x	3.8x	4.5x
						Adj. EBITDA			($27)	$83	$187	$207	$220	$207	$252	$207

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$2,330	$2,525	$2,816	$2,731	$2,741	$2,789	$2,779	$2,779
Y/Y Growth		8.4%	11.5%	(3.0%)	0.4%		(0.4%)	0.0%
(-) Cost of Revenue	(2,243)	(2,396)	(2,525)	(2,428)	(2,413)	(2,475)	(2,420)	(2,466)
Gross Profit	$87	$130	$291	$303	$328	$314	$358	$313
Gross Margin	3.7%	5.1%	10.3%	11.1%	11.9%	11.3%	12.9%	11.3%
(-) SG&A	(227)	(200)	(216)	(208)	(214)	(209)	(208)	(208)
(+/-) Other Operating Costs, net of D&A	70	87	81	78	72	37	89	89
EBITDA	($70)	$18	$156	$173	$185	$142	$240	$195
(+) Add-backs: stock comp, restructuring, impairments	43	65	31	34	36	64	12	12
Adj. EBITDA	($27)	$83	$187	$207	$220	$207	$252	$207
Margin	(1.2%)	3.3%	6.6%	7.6%	8.0%	7.4%	9.1%	7.4%
(-) Restructuring and other cash add-backs	(37)	(18)	(18)	(24)	(20)	(52)	--	--
Cash EBITDA	($64)	$64	$168	$183	$200	$154	$252	$207
(-) Interest Expense (Cash Only)	(73)	(80)	(79)	(102)	(114)	(112)	(114)	(114)
(-) Cash Taxes	(7)	56	(10)	(19)	(9)	21	--	--
(-) Capex	(96)	(71)	(81)	(51)	(48)	(66)	(65)	(65)
(+/-) Working Capital and Other	29	(77)	38	14	(13)	(41)	--	--
Memo: FCF	($212)	($107)	$37	$26	$16	($43)	$73	$28
% of Debt	(18.5%)	(9.4%)	3.2%	2.3%	1.4%	(3.8%)	6.4%	2.4%

Liquidity

Unrestricted Cash	$112.3
Undrawn Revolver	193.1
Total Liquidity	$305.4
(-) Debt due through 2028	-0.0
(+/-) Free cash flow, last twelve months	(43.1)
Liquidity after maturities and a year of cash flow	$262.3

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Mar 4, 2026Indenture for the 9.250% Senior Secured First Lien Notes due 2031 (includes form of note) · indenture · 9.250% Senior Secured First Lien Notes due 2031
Sep 3, 2026Amendment No. 6 to the Third Amended and Restated Loan Agreement (Annex A is the full loan agreement conformed through Amendment No. 6, shown as a redline) · credit agreement amendment · ABL Facility (asset-based revolver)
Mar 4, 2026Amendment No. 5 to the Third Amended and Restated Loan Agreement (Annex A is the loan agreement conformed through Amendment No. 5, shown as a redline; releases certain foreign guarantors) · credit agreement amendment · ABL Facility (asset-based revolver)
Nov 2, 2016Third Amended and Restated Loan Agreement (original ABL agreement, $210mm at signing) · ABL or receivables facility · ABL Facility (asset-based revolver)
May 6, 2024Amendment No. 4 to the Third Amended and Restated Loan Agreement · credit agreement amendment · ABL Facility (asset-based revolver)
Dec 19, 2022Amendment No. 3 to the Third Amended and Restated Loan Agreement · credit agreement amendment · ABL Facility (asset-based revolver)
May 18, 2020Amendment No. 2 to the Third Amended and Restated Loan Agreement · credit agreement amendment · ABL Facility (asset-based revolver)
Mar 24, 2020Amendment No. 1 to the Third Amended and Restated Loan Agreement and Limited Waiver · credit agreement amendment · ABL Facility (asset-based revolver)
Nov 15, 2022Transaction Support Agreement for the January 2023 refinancing (exchange offer and new first lien notes) · exchange or support agreement · 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 and 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (both redeemed 2026-03-04) · repaid
Dec 15, 2022Amendment No. 1 to the Transaction Support Agreement · exchange or support agreement · 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 and 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (both redeemed 2026-03-04) · repaid
Dec 19, 2022Backstop Commitment Agreement for the new first lien notes offering · exchange or support agreement · 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (redeemed 2026-03-04) · repaid
Jan 27, 2023Indenture for the 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 · indenture · 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027 (redeemed 2026-03-04) · repaid
Jan 27, 2023Indenture for the 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 · indenture · 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 (redeemed 2026-03-04) · repaid
Nov 2, 2016Indenture for the 5.625% Senior Notes due 2026 · indenture · 5.625% Senior Notes due 2026 (redeemed 2026-03-04) · repaid
Jan 20, 2023First Supplemental Indenture to the 5.625% Senior Notes due 2026 indenture (from the January 2023 exchange and consent) · supplemental indenture · 5.625% Senior Notes due 2026 (redeemed 2026-03-04) · repaid
May 29, 2020Indenture for the 13.000% Senior Secured Notes due 2024 · indenture · 13.000% Senior Secured Notes due 2024 (repaid in the January 2023 refinancing) · repaid
Nov 2, 2016Amendment No. 1 to the 2014 Term Loan Credit Agreement (includes the amended term loan agreement) · credit agreement amendment · Senior term loan facility (repaid in the January 2023 refinancing) · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$2,330	$2,525	$2,816	$2,731	$2,741	$2,789	$2,779	$2,779
Y/Y Growth		8.4%	11.5%	(3.0%)	0.4%		(0.4%)	0.0%
(-) Cost of Revenue	(2,243)	(2,396)	(2,525)	(2,428)	(2,413)	(2,475)	(2,420)	(2,466)
Gross Profit	$87	$130	$291	$303	$328	$314	$358	$313
Gross Margin	3.7%	5.1%	10.3%	11.1%	11.9%	11.3%	12.9%	11.3%
(-) SG&A	(227)	(200)	(216)	(208)	(214)	(209)	(208)	(208)
(+/-) Other Operating Costs, net of D&A	70	87	81	78	72	37	89	89
EBITDA	($70)	$18	$156	$173	$185	$142	$240	$195
(+) Add-backs: stock comp, restructuring, impairments	43	65	31	34	36	64	12	12
Adj. EBITDA	($27)	$83	$187	$207	$220	$207	$252	$207
Margin	(1.2%)	3.3%	6.6%	7.6%	8.0%	7.4%	9.1%	7.4%
(-) Restructuring and other cash add-backs	(37)	(18)	(18)	(24)	(20)	(52)	--	--
Cash EBITDA	($64)	$64	$168	$183	$200	$154	$252	$207
(-) Interest Expense (Cash Only)	(73)	(80)	(79)	(102)	(114)	(112)	(114)	(114)
(-) Cash Taxes	(7)	56	(10)	(19)	(9)	21	--	--
(-) Capex	(96)	(71)	(81)	(51)	(48)	(66)	(65)	(65)
(+/-) Working Capital and Other	29	(77)	38	14	(13)	(41)	--	--
Memo: FCF	($212)	($107)	$37	$26	$16	($43)	$73	$28
% of Debt	(18.5%)	(9.4%)	3.2%	2.3%	1.4%	(3.8%)	6.4%	2.4%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
North America light vehicle production million units per quarter	3.6	3.7	3.9	3.8	3.5	3.7	3.9	3.8	3.5	3.7	3.9	3.8	$101.0mm on revenue	(10)
Europe light vehicle production million units per quarter	4.3	4.3	4.4	3.9	4.3	4.3	4.4	3.9	4.3	4.3	4.4	3.9	$37.0mm on revenue	--
Asia Pacific light vehicle production million units per quarter	15.4	12.3	13.2	13.7	15.4	12.3	13.2	13.7	15.4	12.3	13.2	13.7	$8.0mm on revenue	--
Direct materials share of cost of products sold % of cost of products sold	51	50	53	52	48	50	53	52	51	50	53	52	$12.9mm on cost of revenue	(45)
Euro to US dollar exchange rate $ per euro, quarterly average	1.1641	1.1701	1.1632	1.1506	1.1641	1.1701	1.1632	1.1506	1.1641	1.1701	1.1632	1.1506	$134.0mm on revenue	--

Cooper Standard sells sealing and fluid handling parts on vehicle platforms, so next year's sales track light vehicle builds in North America (about 55% of sales) and Europe (about 22%); the company's own 2026 assumptions imply a soft fourth quarter of about 3.5 million North American units and industry forecasts call for flat to modest growth in 2027. The bigger swing for margin and cash is material cost: petroleum-derived inputs rose sharply from the second quarter of 2026, cutting 2026 EBITDA guidance to $235-245mm from $265-295mm, and recovery depends on index-based pricing catching up. A stronger euro adds reported sales but little EBITDA because European plants buy and pay locally.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$672	$686	$721	$709	$662	$686	$721	$709	$662	$686	$721	$709
Y/Y Growth	1.8%	2.9%	2.2%	1.9%	(1.5%)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$40	$54	$56	$56	$84	$55	$57	$56	$39	$55	$57	$56
Margin	6.0%	7.9%	7.8%	7.9%	12.6%	8.1%	7.8%	7.9%	5.8%	8.1%	7.8%	7.9%
Free Cash Flow	$45	($93)	$16	($11)	$40	$11	$11	$11	($5)	$11	$11	$11
Cash, end of period	192	119	127	112	152	163	174	185	180	191	202	213
Total Debt, end of period	1,105	1,144	1,145	1,146	1,146	1,146	1,146	1,146	1,146	1,146	1,146	1,146
Net Debt / Adj. EBITDA	4.2x	4.6x	4.8x	5.0x	4.0x	3.9x	3.9x	3.8x	4.7x	4.6x	4.6x	4.5x

Revenue is built from Sealing Systems, Fluid Handling Systems, Corporate, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Nov 5, 2026

Slides Webcast and audio replay Investor relations site

Sales edged up but commodity and inflation costs ate margin, cash flow turned negative, and full-year EBITDA guidance was cut by about $40 million at the midpoint.

Takeaways

Q3 sales rose 1.9% to $708.6 million while global light vehicle output fell 2.3%. Adjusted EBITDA was $52.8 million (7.5% margin), versus $53.3 million (7.7%) a year ago. Gross margin slipped to 11.0% from 12.5%.
Higher material costs ($15 million) and general inflation ($12 million) offset savings from lower compensation, tariffs, SGA&E and lean programs. Management says its index-based recovery contracts are being tested for the first time and recoveries are lagging.
Free cash flow was negative $10.8 million in the quarter and negative $87.6 million year to date, against positive $27.4 million in Q3 2025. Working capital, restructuring cash and higher capex drove the burn.
Net debt was $1.03 billion at September 30. Net leverage rose to 5.4x trailing adjusted EBITDA of $192.7 million, up from 4.4x at year-end 2025. Interest coverage is thin at 1.7x.
Liquidity was $305.4 million: $112.3 million of cash plus $193.1 million of ABL availability. Cash is down from $191.7 million at year-end.
Restructuring charges jumped to $19.2 million in the quarter as the company keeps cutting its plant footprint. Net new business awards were $148.8 million in Q3 and $395.1 million year to date, a record pace.

Debt and capital

Total debt was $1.146 billion at September 30, mostly the $1.1 billion of 9.25% first lien notes due March 2031 issued in the March 2026 refinancing. That deal produced a $24.2 million loss on extinguishment in Q1.
The ABL was amended in September 2026: commitments rose $20 million to $200 million and maturity was extended to September 2031. Management says the amendment improves liquidity, flexibility and pricing.
Debt due within one year fell to $45.6 million from $86.1 million at year-end.
Stated long-term goal is net leverage below 2x adjusted EBITDA. No buybacks or new debt actions were announced with the results.
On November 2 the board adopted a tax benefits preservation plan with a 4.9% trigger to protect about $215 million of U.S. tax attributes.

Guidance

2026 adjusted EBITDA cut to $235 to $245 million from $265 to $295 million, mainly on commodity costs and inflation.
2026 sales range narrowed to $2.75 to $2.85 billion from $2.7 to $2.9 billion, so the midpoint is held.
Capex nudged up to $65 to $70 million from $60 to $70 million. Cash restructuring held at $30 to $35 million. Net cash interest held at $90 to $100 million.
Net cash taxes lowered to $15 to $20 million from $30 to $35 million.
Management expects margins to improve in Q4 and says its three to five year targets are on track: $3.8 billion of sales, margins near 15% and net leverage below 2x.

Tone: Upbeat on new business wins and long-term targets, but defensive on near-term margins and cash as commodity inflation forced a sizeable guidance cut.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and slides only. Cooper Standard does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Cooper Standard's third quarter sales rose 1.9%, but adjusted EBITDA was flat, free cash flow turned negative and full-year guidance was cut.

Results

Sales were $708.6mm in the third quarter, up 1.9% from $695.5mm a year earlier.
Adjusted EBITDA was $52.8mm, or 7.5% of sales, against $53.3mm and 7.7% a year earlier.
Cash from operations was $5.2mm, down from $38.6mm. After $16.0mm of capital spending, free cash flow was an outflow of $10.8mm, against an inflow of $27.4mm a year earlier.
Net loss was $20.4mm, including $19.2mm of restructuring charges, against a net loss of $7.6mm a year earlier.
For the nine months, adjusted EBITDA was $157.8mm against $174.7mm, and free cash flow was an outflow of $87.6mm against an outflow of $28.3mm.

Why

Sales rose on volume, mix and customer price adjustments even though global light vehicle production fell 2.3%.
Higher material costs, general inflation and weaker volume and mix at the profit line offset savings from manufacturing and purchasing, lower compensation expense, lower overhead and lower tariffs.
Fluid handling segment adjusted EBITDA rose to $32.0mm from $29.0mm as $15.6mm of cost savings outweighed an $11.2mm drag from volume and mix. Sealing segment adjusted EBITDA slipped to $29.0mm from $30.9mm.
Net new business awards were $148.8mm of expected annual sales in the quarter and $395.1mm for the nine months.

Balance sheet and guidance

Cash was $112.3mm at September 30, 2026, down from $191.7mm at the end of 2025.
Total liquidity, including availability under the asset-based revolver, was $305.4mm.
Long-term debt was $1,100.4mm plus $45.6mm due within one year. The company refinanced its debt earlier in 2026 and booked a $24.2mm loss on that refinancing in the nine months.
Full-year 2026 adjusted EBITDA guidance was cut to $235mm to $245mm from $265mm to $295mm, because commodity costs and inflation ran higher than the company expected.
Full-year sales guidance was narrowed to $2.75bn to $2.85bn from $2.7bn to $2.9bn.
Capital spending guidance moved to $65mm to $70mm from $60mm to $70mm. Cash restructuring of $30mm to $35mm and net cash interest of $90mm to $100mm were held. Net cash taxes were lowered to $15mm to $20mm from $30mm to $35mm.

What to watch

Whether the fourth quarter delivers the step up the new guidance needs: nine-month adjusted EBITDA was $157.8mm against a full-year range of $235mm to $245mm.
Cash burn and working capital. Free cash flow was an outflow of $87.6mm in the nine months, and receivables and inventories both rose from year end.
Progress on recovering commodity and inflation costs from customers, which the company says it is trying to speed up through revised commercial agreements.

From the company's press release filed Nov 4, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Nov 5, 20268-K for Nov 4, 2026: Results · Press release
Aug 6, 20268-K for Aug 5, 2026: Results · Press release
May 7, 20268-K for May 6, 2026: Results · Press release
Feb 13, 20268-K for Feb 12, 2026: Results · Press release
Oct 31, 20258-K for Oct 30, 2025: Results · Press release
Aug 1, 20258-K for Jul 31, 2025: Results · Press release
May 2, 20258-K for May 1, 2025: Results · Press release
Feb 14, 20258-K for Feb 13, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 2, 20268-K for Nov 2, 2026: Material agreement; Other event
Sep 10, 20268-K for Sep 3, 2026: Material agreement
May 15, 20268-K for May 14, 2026: Shareholder vote
Mar 4, 20268-K for Mar 4, 2026: Material agreement; New debt; Other event
Feb 20, 20268-K for Feb 20, 2026: Other event
Feb 17, 20268-K for Feb 17, 2026: Other event
Sep 12, 20258-K for Sep 12, 2025: Material agreement
May 15, 20258-K for May 15, 2025: Director or officer change; Shareholder vote
May 20, 20248-K for May 16, 2024: Shareholder vote
Feb 12, 20248-K for Feb 12, 2024: Director or officer change; Regulation FD
Jan 29, 20248-K for Jan 23, 2024: Director or officer change
May 24, 20238-K for May 18, 2023: Director or officer change; Shareholder vote
Jan 30, 20238-K for Jan 27, 2023: Material agreement; Agreement terminated; New debt; Other event
Jan 23, 20238-K for Jan 18, 2023: Material agreement; Other event
Dec 20, 20228-K for Dec 15, 2022: Material agreement; Other event
Nov 15, 20228-K for Nov 15, 2022: Material agreement; Other event
Nov 7, 20228-K for Nov 7, 2022: Material agreement; Bylaw change; Other event
Aug 5, 20228-K for Aug 4, 2022: Current report
Jun 14, 20228-K for Jun 14, 2022: Regulation FD
Jun 13, 20228-K for Jun 7, 2022: Director or officer change

Proxy statements 3

Other filings 3

Feb 21, 201810-K/A for Dec 31, 2017
Mar 18, 2016424B7
Mar 14, 2016424B7

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Mar 5, 2026S&P: Upgraded to B- from CCC+. The March 2026 refinancing pushed maturities out to 2031, which cut near-term liquidity risk, and credit metrics were improving. · source
Nov 20, 2025S&P: CCC+ affirmed, outlook revised to developing from positive. The 2026 and 2027 notes were close to becoming current, so the rating could move either way depending on whether the refinancing got done. · source
Aug 1, 2025Moody's: Caa1 CFR affirmed, outlook changed to positive from stable. Margins and cash flow kept improving; the company disclosed the change on its Q2 2025 call, and the action itself came shortly before that date. · source
Nov 22, 2024S&P: CCC+ affirmed, outlook revised to positive from negative. Credit metrics were recovering as margins rebuilt after the 2023 restructuring. · source

Coming up

Feb 12, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.

Recent 8-K filings

Nov 5, 2026Reported results
Nov 2, 2026Entered into a material agreement; Other event
Sep 10, 2026Entered into a material agreement
Aug 6, 2026Reported results