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S&P cuts Atrium, rates loan B, notes CCC+
Standard & Poor's said it lowered its corporate credit rating on Atrium Cos. Inc to B from B+. The outlook is stable.
At the same time, S&P assigned its B bank loan rating and 4 recovery rating to Atrium's proposed first-lien $50 million revolving credit facility and $325 million term loan B. S&P also assigned its CCC+ rating to the company's proposed $125 million holding company senior unsecured discount notes due 2012.
Atrium plans to use the proceeds of the proposed bank loans and notes to refinance its $200 million term loan B and $225 million of senior subordinated notes as well as to pay related fees and expenses.
S&P said the rating downgrade reflects expectations that Atrium's very aggressive debt leverage, combined with its acquisitive growth strategy, will prevent credit measures from reaching and being sustained at levels appropriate for the prior ratings.
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