Bulletin: Sabre Industries Inc.'s Proposed Add-On Keeps Leverage Within Expectations

Englewood (S&P Global Ratings) Dec. 17, 2024--S&P Global Ratings said today that Sabre Industries Inc.'s proposed add-on to its first-lien term loan is largely leverage neutral. We believe the company may use proceeds from this transaction for general corporate purposes or for a dividend distribution to its owners. Nonetheless, we believe improved earnings, combined with some incremental debt, will maintain S&P Global Ratings-adjusted leverage within our expected range of at or below 7x. As such, our 'B-' issuer credit rating and stable outlook on Sabre are unchanged. Our issue-level rating on Sabre's first-lien term loan due in 2028 is 'B-'. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment

...December 17, 2024 Englewood (S&P Global Ratings) Dec. 17, 2024--S&P Global Ratings said today that Sabre Industries Inc.'s proposed add-on to its first-lien term loan is largely leverage neutral. We believe the company may use proceeds from this transaction for general corporate purposes or for a dividend distribution to its owners. Nonetheless, we believe improved earnings, combined with some incremental debt, will maintain S&P Global Ratings-adjusted leverage within our expected range of at or below 7x. As such, our 'B-' issuer credit rating and stable outlook on Sabre are unchanged. Our issue-level rating on Sabre's first-lien term loan due in 2028 is 'B-'. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. Our 'B-' issue-level rating and '3' recovery rating on the company's $150 million revolving credit facility are unchanged....

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