Carlyle Global Partners (CGP) acquired a 25% stake in the Joplin, Mo.-based roofing products manufacturer TAMKO Building Products. The company issued a $600 million first-lien term loan due 2026 to recapitalize the business as well as fund a distribution to the existing shareholders. Pro forma for the transaction, debt-to-EBITDA leverage will be about 4x. We are assigned our 'BB-' issuer credit rating to TAMKO and our 'BB-' issue-level rating and '3' recovery rating to the company's proposed term loan. The stable outlook reflects our expectation of low-single-digit revenue growth and stable EBITDA margins, enabling TAMKO to maintain debt leverage within the 4.0x-4.5x range. The 'BB-' issuer credit rating on TAMKO reflects its small size and relative market position within the
