FARMERS BRANCH (S&P Global Ratings) Sept. 25, 2019--S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to Beacon Roofing Supply Inc.'s proposed $300 million senior secured notes issuance. The proposed senior secured notes will rank equally with the company's $970 million term loan, which is unchanged and carries a 'BB' issue-level rating, with a '1' recovery rating. Beacon plans to use the proceeds from the notes offering to pre-fund the company's redemption of its $300 million senior unsecured notes due 2023 on Oct. 1, 2019. However, the increased amount of senior secured debt will result in diminished recovery available to unsecured lenders. As a result, we have lowered the issue-level rating on Beacon's $1.3 billion senior unsecured
