U.S.-based aluminum products producer JW Aluminum Continuous Cast Co. is pursuing a refinancing to pay down its existing first-lien term loans (unrated) and help fund a planned refurbishment of its manufacturing operations. JW Aluminum will fund the transaction primarily with new $300 million senior secured notes maturing 2026 and $35 million shareholder equity. We are assigning our 'B-' corporate credit rating to JW Aluminum. The outlook is stable. At the same time, we are assigning our 'B-' issue-level rating to its senior secured notes. The recovery rating on the notes is '3'. The stable outlook reflects our view that JW Aluminum's operational performance will remain steady given elevated aluminum prices and solid volumes, albeit completing its additional capacity project on
