Vista Outdoor Strategic Review Aimed at Fixing Balance Sheet
Vista said the outcome of newly appointed CEO Chris Metz’ 100-day review of the company’s strategy will likely include more divestitures of smaller brands, in a presentation at the BofAML Leveraged Finance Conference. Moody’s recently put VSTO debt under review for a possible downgrade, and the company’s declining EBITDA has raised its leverage ratio from 3.6x to 3.95x at the end of FQ2, but still well short of the maximum of 4.75x specified in its credit agreement. Non-core assets will be on the chopping block, starting with the already announced intent to sell eyewear brands Bollé, Serengeti and Cébé. Otherwise, ... Log in to view full article.