Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Ami I LLC > News item |
S&P gives AMI I, loan B
S&P said it gave B ratings to AMI I LLC (Associated Materials) and its planned $550 million first-lien term loan B due 2029. The company also plans to secure a $150 million asset-based lending revolver due 2027.
“We expect adjusted leverage of about 4.5x over the next 12 months but view Associated Materials' financial sponsor ownership as potentially contributing to financial risk. After the proposed net $300 million increase in reported debt, we expect adjusted leverage of about 4.5x in 2022. This compares to about 2.5x in 2021. Strategic Value Partners LLC is contributing $430 million of equity, which along with the proposed debt issuance will be used to fund the $950 million acquisition of Associated Materials,” S&P said in a press release.
The agency said it forecasts a 9%-10% boost in EBITDA for the company, which should help offset the higher debt.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.