S&P gives Thor notes BB-

S&P said it assigned its BB- issue-level rating and 5 recovery rating to Thor Industries Inc.'s upcoming $400 million of senior unsecured notes due 2029, and affirmed the BB+ issue-level rating on the company's term loan. The 2 recovery rating remains unchanged.

Thor plans to use the proceeds to partially repay the balance under its asset-based lending facility, which was temporarily drawn to partially finance the acquisition of Airxcel's recreational vehicle supplier business.

Concurrently, Thor upsized the ABL capacity to $1 billion from $750 million to fund the acquisition and working capital needs. It used a $625 million draw to help it pay for the acquisition.

The BB issuer credit rating and stable outlook are unchanged, the agency said.

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