TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research

TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4')

TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4') - S&P Global Ratings’ Credit Research
TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4')
Published Sep 06, 2023
3 pages (1241 words) — Published Sep 06, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

ENGLEWOOD (S&P Global Ratings) Sep. 06, 2023--S&P Global Ratings today assigned its 'BB-' issue-level rating and '4' recovery rating to Tamko Building Products LLC's proposed $821 million senior secured term loan due 2030. The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default. The company intends to use the proceeds from this issuance, to refinance its existing term loan due 2026. We therefore view this transaction as neutral for the company's debt levels. Furthermore, given improved demand and pricing conditions mainly due to an active storm weather season, we believe TAMKO could sustain adjusted EBITDA margins of about 20% and adjusted leverage below 4x for 2023. Though, beyond that

  
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 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - General Criteria: Methodology: Industry Risk, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012 - General Criteria: Principles Of Credit Ratings, Feb. 16, 2011...

  
Report Type:

Ratings Action

Issuer
Tamko Building Products LLC
GICS
Building Products (20102010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4')" Sep 06, 2023. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/TAMKO-Building-Products-LLC-s-Proposed-Senior-Secured-Term-Loan-Rated-BB-Recovery-Rating-4-3050866>
  
APA:
S&P Global Ratings’ Credit Research. (). TAMKO Building Products LLC?s Proposed Senior Secured Term Loan Rated 'BB-' (Recovery Rating: '4') Sep 06, 2023. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/TAMKO-Building-Products-LLC-s-Proposed-Senior-Secured-Term-Loan-Rated-BB-Recovery-Rating-4-3050866>
  
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