American Rock Salt Co. LLC's Amended And Extended Term Loan Rated 'B' (Recovery Rating: '3')

New York (S&P Global Ratings) Feb. 16, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to American Rock Salt Co. LLC's proposed amended and extended first-lien term loan due 2025. The recovery rating of '3' indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. At the same time we revised the recovery rating on American Rock Salt's existing first-lien term loan ($421.8 million outstanding) to '3' from '4'. The issue level rating remains 'B'. We expect to withdraw the issue-level ratings on the existing term loan at close. American Rock Salt is seeking to amend its existing term loan agreement and extend the maturity of the facility

...New York (S&P Global Ratings) Feb. 16, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '3' recovery rating to American Rock Salt Co. LLC's proposed amended and extended first-lien term loan due 2025. The recovery rating of '3' indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a payment default. At the same time we revised the recovery rating on American Rock Salt's existing first-lien term loan ($421.8 million outstanding) to '3' from '4'. The issue level rating remains 'B'. We expect to withdraw the issue-level ratings on the existing term loan at close. American Rock Salt is seeking to amend its existing term loan agreement and extend the maturity of the facility by four years to 2025 from 2021. We expect the company will use the proceeds along with $11.8 million of free cash flow to repay the outstanding balance under its first-lien term loan. The company is also extending the maturity on its unrated asset-based...

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