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Prospect News home > News index > List of issuers A > Headlines for Advanced Drainage Systems, Inc. > News item |
S&P assigns Advanced Drainage notes B+
S&P said it assigned its B+ issue-level rating to Advanced Drainage Systems Inc.'s upcoming offering of $500 million of senior unsecured notes.
The B+ rating on its $350 million of senior unsecured notes and the BB+ issuer and first-lien term loan due 2026 ratings are unchanged, S&P said. ADS recently increased its unrated revolving credit facility due in 2027 by $250 million to $600 million.
ADS will use the proceeds for general corporate purposes and to pay down revolver borrowings.
“Despite the increased debt, we expect credit metrics will remain in line with our expectations, including debt to EBITDA in the 2x-3x range over the next 12 months supported by strong earnings,” S&P said in a press release.
The outlook is positive.
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