Bulletin: Granite Acquisition Inc. Ratings Unchanged On Repricing And Term Loan Upsize

NEW YORK (S&P Global Ratings) Dec. 4, 2017--S&P Global Ratings said today its ratings and recovery ratings on Granite Acquisition Inc. (B+/Stable/--) are unaffected by the announcement that the company plans to reprice its outstanding debt and increase the term loan C by $125 million to $173 million. The merchant energy market remains challenging, with continued low spark spreads and low metals prices; however, we note that Granite's trailing 12 months EBITDA is slightly above our expectations, at $278 million and construction on the three additional EFW facilities in the U.K. continues to progress well and remains on schedule to achieve commercial operations date in 2019. We also note that the company continues to execute cost-savings initiatives and contracting of

...NEW YORK (S&P Global Ratings) Dec. 4, 2017--S&P Global Ratings said today its ratings and recovery ratings on Granite Acquisition Inc. (B+/Stable/--) are unaffected by the announcement that the company plans to reprice its outstanding debt and increase the term loan C by $125 million to $173 million. The merchant energy market remains challenging, with continued low spark spreads and low metals prices; however, we note that Granite's trailing 12 months EBITDA is slightly above our expectations, at $278 million and construction on the three additional EFW facilities in the U.K. continues to progress well and remains on schedule to achieve commercial operations date in 2019. We also note that the company continues to execute cost-savings initiatives and contracting of additional and higher priced volumes in the waste segment. For further information, see the research update published on June 28, 2017. Only a rating committee may determine a rating action and this report does not constitute...

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