...January 5, 2022 HARRISBURG (S&P Global Ratings) Jan. 5, 2022--S&P Global Ratings today assigned its 'B-' issue-level and '4' recovery ratings to McKinney, Texas-based roofing products, landscape supply, and pool products distributor SRS Distribution Inc.'s (B-/Stable/--) proposed $700 million term loan B due 2028. The '4' recovery rating indicates our expectation for average recovery (30%-50%; rounded estimate: 45%) in the event of a payment default. S&P Global Ratings-adjusted leverage will remain high for the rating and in our expected range of about 7x-8x pro forma for the proposed issuance. SRS will use the proceeds along with cash on the balance sheet and rollover equity to finance recent and pending acquisitions, most notably the acquisition of AquaCentral. AquaCentral is considered as the second-largest wholesale distributor of pool and spa products in the U.S. Pro forma of the acquisition, SRS' end-market revenue mix will consist approximately of 75% roofing/building products, 16%...
