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S&P assigns TJC Spartech, loans B
S&P said it assigned B ratings to TJC Spartech Acquisition Corp. and its planned $60 million revolver and $345 million first-lien term loan. The recovery rating is 3.
“We expect modest deleveraging over the next 12 months. Pro forma the debt issuance, debt leverage is elevated, with S&P Global Ratings-adjusted leverage at about 6.5x at the close of the transaction. We expect relatively flat revenue as higher revenue from some of the company's more cyclical end markets rebound from pandemic-related headwinds in 2020 but will likely be offset by a sharp decline in the company's personal protective equipment (PPE) and barrier products due to reduced demand,” S&P said in a press release.
The Jordan Co. plans to use the term loan and equity contribution to acquire Spartech Holdings LLC.
The outlook is stable, indicating a forecast the company will lower its S&P Global Ratings-adjusted debt leverage toward 6x over the next 12-18 months, the agency said.
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