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S&P rates Material Handling, loans B-
S&P said it gave B- ratings to Project Castle Inc., created to acquire Material Handling Systems Inc. and Fortna Inc. from Thomas H. Lee Partners, and its planned $225 million revolving credit facility and $1.425 billion term loan. The recovery rating on the loans is 3 (50%).
“Although the combined businesses will benefit from greater scale and improved customer diversity, we forecast Project Castle's S&P adjusted leverage, pro forma for a full year of operations of MHS and Fortna, to remain high, with year-end 2022 leverage of about 7x,” S&P said in a press release.
The agency said it will discontinue all ratings on Material Handling following the completion of the acquisition and repayment of its debt, which is expected in the second quarter of 2022.
The outlook is stable.
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