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S&P gives CCC+ to Brand Energy notes
Standard & Poor's said it assigned its CCC+ issue-level rating to Brand Energy & Infrastructure Services' proposed $550 million senior unsecured notes due 2021. Bullseye MergerSub Inc. is the borrower.
The recovery rating on the proposed notes is 6, indicating that lenders could expect negligible (0%-10%) recovery in the event of a payment default or bankruptcy.
Pro forma for the proposed note issuance, Brand's debt to EBITDA would be about 6.5x for 2013 (including S&P's adjustments, mainly for operating leases), with weak free operating cash flow prospects relative to its debt burden, the agency said.
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