Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable

Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable
Published Aug 28, 2014
2635 words — Published Aug 28, 2014
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Capital Automotive LLC (CARS) is being acquired by Brookfield Property Partners along with its institutional partners ("Brookfield") from DRA Advisors LLC for $4.283 billion in a leveraged buyout. CARS plans to raise $400 million of incremental debt to help finance Brookfield's purchase. We expect a $300 million issuance of asset-backed securities (out of an existing master trust) and $100 million issuance of a second-lien term loan. We affirmed our 'B+' corporate credit rating on the company and 'B-' issue rating on the second-lien secured debt; the recovery rating on this debt remains '6'. The company is adding on $100 million to the second-lien term loan. We also affirmed our 'BB-' issue rating on the first-lien secured debt; the recovery rating

  
Brief Excerpt:

RESEARCH Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable Publication date: 28-Aug-2014 Primary Credit Analyst: Michael H Souers, New York (1) 212-438-2508; michael.souers@standardandpoors.com...

  
Report Type:

Research Update

Issuer
Capital Automotive LLC
GICS
Specialized REIT's (40402070)
Sector
Global Issuers, Structured Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable" Aug 28, 2014. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capital-Automotive-LLC-Ratings-Are-Affirmed-On-Planned-Sale-Of-Company-Outlook-Stable-1355745>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Capital Automotive LLC Ratings Are Affirmed On Planned Sale Of Company; Outlook Stable Aug 28, 2014. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capital-Automotive-LLC-Ratings-Are-Affirmed-On-Planned-Sale-Of-Company-Outlook-Stable-1355745>
  
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