Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable

Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable
Published May 10, 2017
9 pages (3169 words) — Published May 10, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Cloud Crane LLC announced its intention to issue $75 million of incremental second-lien notes due in 2024 to fund its previously announced acquisition of Coast Crane. We are affirming our 'B' corporate credit rating on Cloud Crane. At the same time, we are affirming our 'B' issue-level rating on the company's second-lien notes and are revising our recovery rating to '4' from '3'. The stable outlook reflects our expectation that good industry demand, supported by stable energy markets and modest nonresidential construction growth, will enable Cloud Crane to reduce its leverage to the low- to mid-5x range over the next 12-18 months from the high 5x area in 2016. On May 10, 2017, S&P Global Ratings affirmed its 'B' corporate

  
Brief Excerpt:

...Cloud Crane LLC announced its intention to issue $75 million of incremental second-lien notes due in 2024 to fund its previously announced acquisition of Coast Crane....

  
Report Type:

Research Update

Issuer
Maxim Crane Works Holdings Capital LLC
GICS
Trading Companies & Distributors (20107010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable" May 10, 2017. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cloud-Crane-LLC-s-Second-Lien-Notes-Recovery-Rating-Revised-On-Acquisition-Other-Ratings-Affirmed-Outlook-Stable-1846352>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Cloud Crane LLC's Second-Lien Notes Recovery Rating Revised On Acquisition; Other Ratings Affirmed; Outlook Stable May 10, 2017. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cloud-Crane-LLC-s-Second-Lien-Notes-Recovery-Rating-Revised-On-Acquisition-Other-Ratings-Affirmed-Outlook-Stable-1846352>
  
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