...January 30, 2020 NEW YORK (S&P Global Ratings) Jan. 30, 2020--S&P Global Ratings said today that its issue-level and recovery rating on U.S.-based SRS Distribution Inc.'s senior secured term loans and unsecured notes are unchanged following the company's increase to its asset-based revolving credit facility (not rated) due 2025 to $550 million from $400 million. The rating on the company's $1.33 billion first lien term loan due 2025 as well as the $250 million first lien incremental term loan remain 'B', with a recovery rating of '4'. The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 40%) recovery of principal for creditors in the event of payment default. The rating on the company's $350 million of senior unsecured notes remains '###+' with a recovery rating of '6', indicating our expectation of negligible(0%-10%; rounded estimate: 0%) recovery of principal in the event of payment default. The issuer credit rating remains 'B'. For our complete analysis...
