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S&P rates Dealer Tire notes CCC
S&P said it assigned its CCC rating and 6 recovery rating to Dealer Tire, LLC's proposed $350 million senior unsecured notes due 2028. The 6 recovery rating indicates the expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.
Dealer Tire intends to use the proceeds, along with the proceeds from the recently announced $415 million incremental first-lien term loan, to acquire Dent Wizard. “We expect adjusted debt to EBITDA to remain well above 6x over the next 12-18 months and free operating cash flow to debt below 3%,” said S&P in a press release.
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