...NEW YORK (S&P Global Ratings) May 14, 2018--S&P Global Ratings today assigned its 'B-' issue-level rating and '3' recovery rating to JW Aluminum Continuous Cast Co.'s (B-/Stable/--) proposed $285 million senior secured notes due 2026. The recovery rating is '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. JW Aluminum is pursuing the refinancing to pay-down its first-lien term loan (unrated) and help fund a planned refurbishment of its manufacturing operations. It intends to supplement the note proceeds with $50 million of shareholder equity. (For more details on our credit opinion of JW Aluminum, see our most recent research update, which was published on Jan. 25, 2018.) JW Aluminum manufactures and supplies rolled aluminum products via four facilities. It supplies its products to approximately 250 North American customers, primarily serving the building and construction, HVAC, and packaging and container markets....
