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S&P: Metals USA on positive watch
Standard & Poor's said it placed its ratings, including its B- corporate credit rating on Metals USA Holdings Corp. and its wholly owned subsidiary, Metals USA Inc., on CreditWatch with positive implications.
The agency said that the CreditWatch listing follows the recent filing of an S-1 registration statement by Metals USA Holdings to raise equity.
It plans to use the proceeds to repurchase outstanding payment-in-kind toggle notes, S&P said, adding that as a result, the company's consolidated credit metrics would improve to a level it would consider to be good for the current B- rating, with pro forma leverage of 5.4x from the March 31 level of about 6.5x.
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