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S&P assigns BB to Hayward loan
S&P said it assigned BB issue-level and 3 recovery ratings to Hayward Industries Inc.'s planned $125 million non-fungible add-on senior secured term loan due 2028. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default.
The rating is consistent with S&P’s other ratings on Hayward’s senior secured debt, which was last reviewed on July 6.
The proceeds will be used to repay borrowings under the company's senior secured asset-based lending facility and for general corporate purposes.
The outlook is stable.
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