Bulletin: Robertshaw Holdings S.a.r.l Ratings Unaffected By Flexed Capital Structure

NEW YORK (S&P Global Ratings) Aug. 17, 2017--S&P Global Ratings said today that its ratings on Robertshaw Holdings S.a.r.l (B/Stable/--) and its financing subsidiary Robertshaw US Holding Corp. are unaffected by the recent changes to the company's capital structure. Robertshaw Holdings issued $580 million of senior secured term loans to fund a dividend recapitalization. During the syndication process, the company increased the amount of its first-lien term loan by $30 million to $470 million and commensurately decreased the amount of its second-lien term loan to $110 million. While our issue-level and recovery ratings on these loans remain unchanged, we have lowered our rounded recovery estimate for the first—lien term loan to 60% (from 65% previously). RECOVERY ANALYSIS Key analytical factors

...NEW YORK (S&P Global Ratings) Aug. 17, 2017--S&P Global Ratings said today that its ratings on Robertshaw Holdings S.a.r.l (B/Stable/--) and its financing subsidiary Robertshaw US Holding Corp. are unaffected by the recent changes to the company's capital structure. Robertshaw Holdings issued $580 million of senior secured term loans to fund a dividend recapitalization. During the syndication process, the company increased the amount of its first-lien term loan by $30 million to $470 million and commensurately decreased the amount of its second-lien term loan to $110 million. While our issue-level and recovery ratings on these loans remain unchanged, we have lowered our rounded recovery estimate for the first--lien term loan to 60% (from 65% previously). RECOVERY ANALYSIS Key analytical factors + Our simulated default scenario contemplates a default in 2020 caused by a substantial decline in the global macroeconomic environment that leads to reduced spending by consumers and businesses...

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