Lone Star Funds is acquiring MHI Holdings LLC (d/b/a Titan) with a combination of equity and debt issued at LSF11 Trinity Bidco Inc. We assigned our 'B' issuer credit rating to Titan. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's proposed $675 million term loan B. The stable outlook reflects our expectation that its S&P Global Ratings-adjusted debt to EBITDA will remain about 5x incorporating potential acquisitions and dividends. The stable outlook on Titan reflects our expectation that its debt to EBITDA will remain near 5x throughout our forecast. Although the company could increase its leverage to fund acquisitions or additional dividends, we do not believe its debt to EBITDA will
