S&P rates CPG notes CCC+

S&P said it assigned a preliminary CCC+ rating to CPG International LLC’s planned senior notes due in 2025 with a 6 recovery rating.

The notes’ rating will not be put on CreditWatch with negative implications, but all of CPG’s other ratings will stay on CreditWatch, S&P said.

Proceeds will be used to refinance $315 million of senior notes due Oct. 2021.

“The refinancing will materially improve our view of CPG’s capital structure and mitigate the refinancing risk associated with the existing senior notes coming due in October 2021. Given the large size of the upcoming maturity, we expect the underlying refinancing risk will have a negative impact on the ratings, if the company is unable to complete the refinancing,” said S&P in a press release.

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