Maxim Crane Works Holdings Capital LLC's Proposed Second-Lien Senior Secured Notes Rated 'B-' (Recovery Rating: '4')

ENGLEWOOD (S&P Global Ratings) Aug. 15, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Maxim Crane Works Holdings Capital LLC's proposed $500 million second-lien senior secured notes due 2028. The '4' recovery rating indicates our expectation for average recovery (30%-50%; rounded estimate: 30%). Our 'B-' issuer credit rating on Maxim Crane remains on CreditWatch with negative implications pending the completion of its debt raise. The CreditWatch placement reflects the possibility that we will lower our ratings if the notes are not successfully refinanced with this transaction. We will likely affirm the 'B-' issuer credit rating and remove the CreditWatch with negative implications once the transaction closes. The company intends to use proceeds from this

...August 15, 2023 ENGLEWOOD (S&P Global Ratings) Aug. 15, 2023--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Maxim Crane Works Holdings Capital LLC's proposed $500 million second-lien senior secured notes due 2028. The '4' recovery rating indicates our expectation for average recovery (30%-50%; rounded estimate: 30%). Our 'B-' issuer credit rating on Maxim Crane remains on CreditWatch with negative implications pending the completion of its debt raise. The CreditWatch placement reflects the possibility that we will lower our ratings if the notes are not successfully refinanced with this transaction. We will likely affirm the 'B-' issuer credit rating and remove the CreditWatch with negative implications once the transaction closes. The company intends to use proceeds from this issuance to fully repay its existing second-lien senior secured notes, which became current on Aug. 1, 2023, and pay down a portion of the outstanding borrowings on its asset-based...

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