S&P rates TriMas notes BB-

S&P said it assigned its BB- issue-level rating and 5 recovery rating to TriMas Corp.'s upcoming $350 million of senior unsecured notes due 2029. The 5 recovery rating indicates an expectation for modest (10%-30%; rounded estimate: 25%) recovery in default.

Proceeds are expected to be used to refinance its $300 million of senior unsecured notes due 2025 and for general corporate purposes. Additionally, TriMas Corp. started the procedure to extend its unrated $300 million revolving credit facility to March 2026 from September 2022.

“We consider this transaction to be leverage neutral and view the maturity extension on the revolving credit facility as credit positive because it will improve the company's debt maturity profile,” S&P said in a press release.

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