Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research

Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4')

Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research
Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4')
Published Jun 22, 2017
4 pages (1410 words) — Published Jun 22, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) June 22, 2017--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Michigan-based Federal-Mogul LLC's proposed €300 million fixed-rate senior secured notes due 2024. Federal-Mogul Financing Corp. is a co-issuer of these notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery for secured lenders in the event of a payment default. The company plans to use the proceeds from this offering to repay part of its tranche C term loan due 2021 and pay associated fees and expenses. The proposed notes will rank pari passu in right of payment with all of Federal-Mogul's existing and future senior indebtedness and will have access to the same

  
Brief Excerpt:

...NEW YORK (S&P Global Ratings) June 22, 2017--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Michigan-based Federal-Mogul LLC's proposed 300 million fixed-rate senior secured notes due 2024. Federal-Mogul Financing Corp. is a co-issuer of these notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery for secured lenders in the event of a payment default. The company plans to use the proceeds from this offering to repay part of its tranche C term loan due 2021 and pay associated fees and expenses. The proposed notes will rank pari passu in right of payment with all of Federal-Mogul's existing and future senior indebtedness and will have access to the same collateral as the company's term loan facility. All of our other ratings on Federal-Mogul, including our 'B-' corporate credit rating, remain unchanged. RECOVERY ANALYSIS Key analytical factors + Our simulated default scenario anticipates a default...

  
Report Type:

Ratings Action

Ticker
1519862D
Issuer
Federal-Mogul LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4')" Jun 22, 2017. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Federal-Mogul-LLC-s-Proposed-Euro-300-Million-Fixed-Rate-Senior-Secured-Notes-Rated-B-Recovery-Rating-4-1872581>
  
APA:
S&P Global Ratings’ Credit Research. (). Federal-Mogul LLC's Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated 'B-' (Recovery Rating: '4') Jun 22, 2017. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Federal-Mogul-LLC-s-Proposed-Euro-300-Million-Fixed-Rate-Senior-Secured-Notes-Rated-B-Recovery-Rating-4-1872581>
  
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