S&P gives Latham Pool loans BB-

S&P said it gave BB- issue-level and 2 recovery rating to Latham Pool Products Inc.'s planned $350 million senior secured term loan B due 2029 and $75 million revolving credit facility due 2027. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 85%) recovery in default.

The issuer's parent company, Latham Group Inc., plans to use the proceeds to repay the remaining $288 million outstanding on its term loan due 2025, also rated BB- with a 2 recovery rating, add $54 million of cash to its balance sheet, and pay related fees and expenses.

“All of our existing ratings on the company are unchanged, including our B+ issuer credit rating and stable outlook. We will withdraw our ratings on Latham's existing senior secured facility once it is repaid,” S&P said in a press release.

© 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.