SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research

SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6')

SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research
SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6')
Published Nov 08, 2021
3 pages (1319 words) — Published Nov 08, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

HARRISBURG (S&P Global Ratings) Nov. 8, 2021--S&P Global Ratings today assigned its 'CCC' issue-level and '6' recovery ratings to McKinney, Texas-based roofing products and landscape supply distributor SRS Distribution Inc.'s (B-/Stable/--) proposed $700 million senior unsecured notes due 2029. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of a payment default. S&P Global Ratings-adjusted leverage will remain in our expected range of about 7x-8x pro forma for the proposed issuance. SRS will use the proceeds to finance recent and pending acquisitions, repay borrowings under its recently amended $1 billion dollar asset-based lending facility (ABL) due 2026, and fund cash to the balance sheet. We anticipate an earnings improvement will occur through

  
Brief Excerpt:

...- General Criteria: Group Rating Methodology, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013...

  
Report Type:

Ratings Action

Issuer
SRS Distribution Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6')" Nov 08, 2021. Alacra Store. May 02, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SRS-Distribution-Inc-s-Proposed-700-Million-Senior-Unsecured-Notes-Due-2029-Rated-CCC-Recovery-Rating-6-2751691>
  
APA:
S&P Global Ratings’ Credit Research. (). SRS Distribution Inc.'s Proposed $700 Million Senior Unsecured Notes Due 2029 Rated 'CCC' (Recovery Rating: '6') Nov 08, 2021. New York, NY: Alacra Store. Retrieved May 02, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SRS-Distribution-Inc-s-Proposed-700-Million-Senior-Unsecured-Notes-Due-2029-Rated-CCC-Recovery-Rating-6-2751691>
  
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