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S&P lowers Truck Holdings, rates notes B-
S&P said it lowered the issuer credit rating on Truck Holdings Inc. to B- from B.
The outlook is stable.
The agency also said it assigned a B- rating to the proposed senior secured notes and lowered the ratings on the company's first-lien term loan to B- from B and the second-lien term loan to CCC from CCC+.
Truck Holdings has agreed to acquire competitor Lund International Inc., partially financed with $335 million of new senior secured notes.
S&P said it expects the company' adjusted debt-to-EBITDA to remain higher than 6.5x over the next 12- to 18-months and free operating cash flow-to-debt of less than 3%.
The stable outlook reflects an expectation that the company will generate free cash flow in the back half of 2019, maintain market share and continue to have a sustainable capital structure and adequate liquidity, the agency said.
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