Bulletin: Doosan Bobcat's Proposed Loan Repricing Has No Material Credit Impact

This report does not constitute a rating action. HONG KONG (S&P Global Ratings) June 19, 2024--Doosan Bobcat North America's (DBNA) proposed loan repricing and upsizing of a revolving credit facility do not materially affect the company's credit profile. DBNA plans to reprice its US$731 million senior secured term loan B (TLB), guaranteed by Doosan Bobcat Inc (DBI), and upsize its revolving credit facility (RCF) to US$1.2 billion from the existing US$640 million. We expect the additional costs associated with the RCF upsizing to largely be offset by the reduction in interest expenses from the TLB repricing. The company's RCF upsizing is to accommodate its expanded scale of operations. Our 'BB+' long-term issuer credit rating and stable outlook remain unchanged. The

...June 19, 2024 This report does not constitute a rating action. HONG KONG (S&P Global Ratings) June 19, 2024--Doosan Bobcat North America's (DBNA) proposed loan repricing and upsizing of a revolving credit facility do not materially affect the company's credit profile. DBNA plans to reprice its US$731 million senior secured term loan B (TLB), guaranteed by Doosan Bobcat Inc (DBI), and upsize its revolving credit facility (RCF) to US$1.2 billion from the existing US$640 million. We expect the additional costs associated with the RCF upsizing to largely be offset by the reduction in interest expenses from the TLB repricing. The company's RCF upsizing is to accommodate its expanded scale of operations. Our '##+' long-term issuer credit rating and stable outlook remain unchanged. The '##+' issue rating with '3' recovery rating on DBI's TLB also remain unchanged. We expect DBI to maintain solid financial metrics over the next 12 months. The company recorded robust operating performance in the...

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