On May 26, 2004, Standard&Poor's Rating Services withdrew its 'BB-' corporate credit rating and 'B' senior subordinated debt rating on American Builders&Contractors Supply Co. Inc. (ABC) at the company's request. The company requested that the ratings be withdrawn following its May 17, 2004, redemption of all outstanding 10.625% senior subordinated notes maturing on May 15, 2007. The outstanding principal balance of $63.6 million was redeemed for $64.8 million, plus accrued interest, with funds provided under an existing unrated bank financing agreement. Privately-owned Beloit, Wis.-based ABC is the largest wholesale distributor of roofing products and one of the largest distributors of vinyl siding in the U.S., primarily serving small and midsize contractors supplying residential (nearly two-thirds of
