S&P lifts PrimeSource loan

S&P said it raised the issue-level rating on PrimeSource Building Products Inc.'s $430 million first-lien senior secured term loan B due 2022 to B+ from B.

S&P revised the recovery rating on the facility to 2 from 3, indicating an expectation of substantial (70%-90%; rounded estimate: 70%) recovery for creditors in the event of a payment default.

The agency also affirmed the CCC+ issue-level rating on PrimeSource's $275 million senior notes due 2023. The recovery rating remains 6, indicating negligible (0%-10%; rounded estimate: 0%) recovery.

The B corporate credit rating and stable outlook on PriSo Acquisition Corp. are unchanged.

The agency said the action follows the company's mandatory $13.3 million excess cash flow repayment.

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