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S&P rates K-Mac facilities B-, CCC
S&P said it assigned its B- corporate credit rating to K-Mac Holdings Corp.
The outlook is stable.
At the same time, the agency assigned its B- issue-level rating and 3 recovery rating to K-Mac's proposed first-lien debt, consisting of a $50 million cash flow revolver facility due 2023 and a $355 million term loan facility due 2025.
The 3 recovery rating indicates an expectation for meaningful (50%-70%, rounded estimate: 55%) recovery in the event of a payment default.
Additionally, the agency assigned a CCC issue-level rating and 6 recovery rating to K-Mac's proposed $115 million second-lien term loan. The 6 recovery rating indicates an expectation for negligible (0%-10%, rounded estimate: 0%) recovery.
The company plans to issue the new debt to refinance its existing debt and pay a special dividend to shareholders.
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