Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hayward Industries Inc. > News item |
S&P gives Hayward loan B
S&P said it assigned its B issue-level rating and 3 recovery rating to Hayward Industries Inc.’s proposed $150 million first-lien term loan maturing 2026.
The company intends to use the proceeds and cash on hand to fund a one-time $275 million dividend to its sponsor owners and pay other transaction expenses.
Simultaneously, S&P affirmed the B issue-level on the company’s $958 million first-lien senior secured term loan maturing 2024 and the CCC+ issue-level rating on its second-lien term loan. The 3 recovery rating on the first-lien debt remains unchanged, indicating expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in a default. The 6 recovery rating on the company’s second-lien term loan also remains unchanged, indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery in a default.
© 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.