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S&P rates White Cap notes CCC+
S&P said it rated White Cap Parent LLC’s planned $300 million of senior unsecured payment-in-kind toggle notes due 2026 CCC+ with a 6 recovery rating.
Proceeds will be used to fund a distribution to owners Clayton Dubilier & Rice and the Sterling Group.
Concurrently, S&P revised the outlook on White Cap Supply Holdings LLC to negative from stable.
“Our negative outlook on White Cap indicates our view that its increased debt burden will raise S&P Global Ratings-adjusted debt to EBITDA to the mid-7x area at transaction close. In addition, we believe deleveraging below 7x could take longer than 12 months if demand conditions turn unfavorable, for instance, if new construction projects stall,” S&P said in a press release.
The agency also affirmed all its ratings for White Cap, including the B issuer rating.
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