Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions - S&P Global Ratings’ Credit Research

Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions

Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions - S&P Global Ratings’ Credit Research
Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions
Published Aug 11, 2025
2 pages (987 words) — Published Aug 11, 2025
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Abstract:

This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Aug. 11, 2025--S&P Global Ratings today said that AAR CORP.?s $150 million add-on to its existing $550 million senior notes due 2029 will solidify an important source of liquidity as the company continues to pursue opportunistic acquisitions. We expect the company to use the proceeds to pay down revolver borrowings, making the transaction leverage neutral. Therefore all our ratings on AAR CORP. are unchanged. This includes our recovery rating, which remains a '3', but we have revised the rounded estimate of recovery to 55% from 65%, given the additional unsecured debt. Research Update: AAR Corp. ?BB? Ratings Affirmed On Strong Demand; Outlook Stable , May 20, 2025

  
Brief Excerpt:

...August 11, 2025 This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Aug. 11, 2025--S&P Global Ratings today said that AAR CORP.'s $150 million add-on to its existing $550 million senior notes due 2029 will solidify an important source of liquidity as the company continues to pursue opportunistic acquisitions. We expect the company to use the proceeds to pay down revolver borrowings, making the transaction leverage neutral. Therefore all our ratings on AAR CORP. are unchanged. This includes our recovery rating, which remains a '3', but we have revised the rounded estimate of recovery to 55% from 65%, given the additional unsecured debt....

  
Report Type:

Bulletin

Ticker
AIR
Issuer
AAR Corp.
GICS
Aerospace & Defense (20101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions" Aug 11, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-AAR-CORP-s-150-Million-Senior-Notes-Add-On-Will-Provide-Liquidity-For-Acquisitions-3422445>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: AAR CORP.'s $150 Million Senior Notes Add-On Will Provide Liquidity For Acquisitions Aug 11, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-AAR-CORP-s-150-Million-Senior-Notes-Add-On-Will-Provide-Liquidity-For-Acquisitions-3422445>
  
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