S&P lowers Albaugh facilities

S&P said it lowered the issue-level ratings on Albaugh LLC's senior secured credit facilities to BB- from BB and revised the recovery ratings to 2 from 1, indicating an expectation of substantial (70% to 90% range; rounded estimate: 85%) recovery in the event of a payment default.

The corporate credit rating remains B+ and the outlook is positive.

The company plans to increase the size of its proposed senior secured term loan and upsize its revolving credit facility, and use the proceeds to fully repay its outstanding term loan due 2021.

The agency said the revision of the senior secured recovery rating, which resulted in lower issue-level ratings, is due to the modest increase in secured debt from the proposed transaction.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.