S&P rates Barette, loan B

S&P said it assigned B ratings to LEB Holdings (USA) Inc. (Barette Outdoor Living) and a planned $405 million first-lien senior secured term loan. The agency also assigned a 3 recovery rating to the loan.

Proceeds will be used by TorQuest Partners and Caisse de Depot et Placement du Quebec to acquire the company.

“BOL has a leading market share in the small but fast-growing vinyl and aluminum fence and railing segments. Its primary products are wood alternatives for fencing (about 70% of revenues) and railing (about 20% of revenues) products. The company is the largest producer of vinyl and aluminum fence and railing, and it holds sizable market share (estimated to be 30%),” S&P said in a press release.

S&P said it expects the company’s pro forma adjusted leverage to be 4.5x.

The outlook is stable.

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