Research Update: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed

Research Update: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed
Published Jul 12, 2021
8 pages (3150 words) — Published Jul 12, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based Madison IAQ LLC, a global provider of indoor air quality solutions, is issuing $715 million of debt to fund its $1.1 billion proposed acquisition of Big Ass Fans LLC (BAF). S&P Global Ratings anticipates the adjusted leverage will increase to more than 8x in 2021 before subsiding to the 6x-6.5x range in 2022, reflecting minimal cushion at the current rating. We revised our outlook on Madison IAQ to negative from stable and affirmed our 'B' issuer credit rating on the company. We also assigned our 'B' issue-level rating to the company's proposed incremental $715 million term loan due 2028. The negative outlook reflects elevated leverage in 2021 and the potential for a more aggressive financial policy with leverage being

  
Brief Excerpt:

...- U.S.-based Madison IAQ LLC, a global provider of indoor air quality solutions, is issuing $715 million of debt to fund its $1.1 billion proposed acquisition of Big Ass Fans LLC (BAF). - S&P Global Ratings anticipates the adjusted leverage will increase to more than 8x in 2021 before subsiding to the 6x-6.5x range in 2022, reflecting minimal cushion at the current rating. - We revised our outlook on Madison IAQ to negative from stable and affirmed our 'B' issuer credit rating on the company. - We also assigned our 'B' issue-level rating to the company's proposed incremental $715 million term loan due 2028. - The negative outlook reflects elevated leverage in 2021 and the potential for a more aggressive financial policy with leverage being sustained above 7x on a sustained basis....

  
Report Type:

Research Update

Issuer
Madison IAQ LLC
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: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed" Jul 12, 2021. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Madison-IAQ-LLC-Outlook-Revised-To-Negative-On-Proposed-Incremental-Term-Loan-B-Rating-Affirmed-2686778>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Madison IAQ LLC Outlook Revised To Negative On Proposed Incremental Term Loan; 'B' Rating Affirmed Jul 12, 2021. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Madison-IAQ-LLC-Outlook-Revised-To-Negative-On-Proposed-Incremental-Term-Loan-B-Rating-Affirmed-2686778>
  
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