S&P applies B to Forterra loan

S&P said it assigned its B issue-level rating (the same as the corporate credit rating) to Forterra Inc.'s $1.25 billion first-lien term loan.

The recovery rating is 3, which indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.

Forterra is repricing its existing $1.05 billion first-lien term loan due 2023. It is also proposing to issue a $200 million incremental first-lien term loan under its wholly owned subsidiary, Forterra Finance LLC, in conjunction with the transaction.

Proceeds will be used to pay borrowings under the company’s $300 million asset-based lending credit facility due 2021.

Forterra’s corporate credit rating is B with a stable outlook.

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