Standard & Poor’s lowered the action sports apparel company’s issuer credit rating and term loan rating to SD (selective default) from CCC+, after it issued $155 million of new money debt. The ratings agency views the move as tantamount to a default, since it puts the original lenders in a disadvantaged position. The new debt consists of $65 million from owner Oaktree, $45 million from existing lenders and $45 million via a facility backed by a European government. Boardriders also issued ... Log in to view full article.