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S&P rates Tamko loan BB-
S&P said it assigned a BB- issuer credit rating to Tamko Building Products and a BB- issue-level rating and 3 recovery rating to the company's proposed term loan.
The outlook is stable.
Carlyle Global Partners acquired a 25% stake in Tamko. The company issued a $600 million first-lien term loan due 2026 to recapitalize the business as well as fund a distribution to the existing shareholders.
“The BB- issuer credit rating on Tamko reflects its small size and relative market position within the consolidated U.S. roofing materials market, its pro forma debt to EBITDA of about 4x, and its lower-than-peer-average EBITDA margin,” S&P said in a news release.
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