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S&P: Generac loans BB-, B-
Standard & Poor's said it assigned a BB- rating to Generac Power Systems Inc.'s proposed $800 million term loan B with a recovery rating of 2, indicating 70% to 90% expected recovery in a default.
The agency also said it assigned a B- rating to Generac's proposed $425 million senior unsecured financing with a recovery rating of 6, indicating 0% to 10% expected recovery in a default.
Generac's existing ratings, including its BB- corporate credit rating, remain on CreditWatch, where they were placed with negative implications, the agency said.
The actions follow news that Generac Power is seeking to raise $1.2 billion to refinance its existing debt and to pay shareholders a special cash dividend of up to $10 per share, S&P said.
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