Bulletin: ADMI Corp.'s $45 Million First-Lien Term Loan Add-On Has No Impact On Ratings

NEW YORK (S&P Global Ratings) May 23, 2016--S&P Global Ratings today said its 'B' corporate credit rating on East Syracuse, N.Y.-based ADMI Corp. is unchanged by the proposed $45 million add-on to its existing $400 million term loan B. The company will use proceeds of the add-on for a distribution to shareholders. The 'B' issue-level rating on the $35 million revolver and $445 million term loan B senior secured debt and 'CCC' issue-level rating on the $150 million senior notes are unchanged. The recovery rating on the senior secured debt remains '3', reflecting our expectation for meaningful (50%-70% at the lower end of the range) recovery in the event of a default, and the recovery rating on the senior unsecured

...NEW YORK (S&P Global Ratings) May 23, 2016--S&P Global Ratings today said its 'B' corporate credit rating on East Syracuse, N.Y.-based ADMI Corp. is unchanged by the proposed $45 million add-on to its existing $400 million term loan B. The company will use proceeds of the add-on for a distribution to shareholders. The 'B' issue-level rating on the $35 million revolver and $445 million term loan B senior secured debt and '###' issue-level rating on the $150 million senior notes are unchanged. The recovery rating on the senior secured debt remains '3', reflecting our expectation for meaningful (50%-70% at the lower end of the range) recovery in the event of a default, and the recovery rating on the senior unsecured notes remains '6', reflecting our expectation for negligible (0%-10%) recovery in the event of a default. The ratings on ADMI Corp reflect our view of the company's narrow range of services and extremely fragmented and highly competitive market with low barriers to entry. The ratings...

Bulletin