TAMKO Building Products LLC Assigned Preliminary 'BB-' Rating, Outlook Stable; Debt Rated Preliminary 'BB-'

Carlyle Global Partners (CGP) is acquiring a 25% stake in the Joplin, Mo.-based roofing products manufacturer TAMKO Building Products. The company intends to issue 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 assigning our preliminary 'BB-' issuer credit rating to TAMKO and our preliminary '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 4.0-4.5x range. NEW YORK (S&P Global Ratings) April 22, 2019--S&P Global Ratings today took

...April 22, 2019 - Carlyle Global Partners (CGP) is acquiring a 25% stake in the Joplin, Mo.-based roofing products manufacturer TAMKO Building Products. - The company intends to issue 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 assigning our preliminary '##-' issuer credit rating to TAMKO and our preliminary '##-' 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 4.0-4.5x range. NEW YORK (S&P Global Ratings) April 22, 2019--S&P Global Ratings today took the rating actions listed above. The '##-' preliminary issuer credit rating on TAMKO reflects its small size and relative market position within the consolidated U.S. roofing materials...

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