NEW YORK (S&P Global Ratings) Aug. 2, 2021--S&P Global Ratings today assigned its 'B-' issue-level and '3' recovery ratings to diversified specialty component manufacturer Engineered Machinery Holdings Inc.'s (Duravant's) proposed $1.14 billion incremental first-lien term loan due 2028. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. Our 'CCC+' issue level and '5' recovery ratings on the company's second-lien term loan due 2029 are unchanged by the company's proposed $375 million add-on. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 10%) in the event of a default. Duravant plans to use the proceeds from the proposed debt issuance to refinance its existing $999 million
