...April 19, 2023 - Lone Star Funds is acquiring MHI Holdings LLC (d/b/a Titan) with a combination of equity and debt issued at LSF11 Trinity Bidco Inc. - We assigned our 'B' issuer credit rating to Titan. - At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $675 million term loan B. - The stable outlook reflects our expectation that its S&P Global Ratings-adjusted debt to EBITDA will remain about 5x incorporating potential acquisitions and dividends. NEW YORK (S&P Global Ratings) April 19, 2023--S&P Global Ratings today took the rating actions listed above. Lone Star will fund the acquisition with a proposed $675 million term loan and cash equity contribution. The new term loan will replace Titan's current term loan. The proposed capital structure also includes a revolving credit facility of $100 million - $125 million (not rated), which we expect to be undrawn at close. We don't expect Titan's business to change because of the acquisition....
