SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable - S&P Global Ratings’ Credit Research

SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable

SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable - S&P Global Ratings’ Credit Research
SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable
Published Feb 22, 2013
1422 words — Published Feb 22, 2013
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Abstract:

OVERVIEW U.S.-based SRS Distribution Inc. plans to enter a $220 million bank term loan B, as well as a $100 million revolving credit facility and $100 million in mezzanine unsecured notes to refinance existing debt and fund its acquisition by private equity firm Berkshire Partners LLC. We are assigning a corporate credit rating of 'B' to reflect the company's substantial debt that is consistent with a "highly leveraged" financial risk profile. We are assigning our 'B' issue-level rating to the proposed $220 million senior secured bank term loan B. The stable rating outlook reflects our expectation that the company will continue to generate modest positive free cash flow and maintain adequate liquidity while reducing total adjusted leverage (including lease obligations)

  
Brief Excerpt:

RESEARCH SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable Publication date: 22-Feb-2013 Primary Credit Analyst: Thomas J Nadramia, New York (1) 212-438-3944; thomas_nadramia@standardandpoors.com...

  
Report Type:

Ratings Action

Issuer
SRS Distribution Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable" Feb 22, 2013. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SRS-Distribution-Inc-Assigned-B-Corporate-Credit-Issue-Level-Ratings-Outlook-Is-Stable-1082849>
  
APA:
S&P Global Ratings’ Credit Research. (). SRS Distribution Inc. Assigned 'B' Corporate Credit, Issue-Level Ratings; Outlook Is Stable Feb 22, 2013. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SRS-Distribution-Inc-Assigned-B-Corporate-Credit-Issue-Level-Ratings-Outlook-Is-Stable-1082849>
  
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