TriMas Corp. Corporate Credit Rating Affirmed On Planned Spin-Off Of Cequent Businesses; Outlook Stable

U.S.-based TriMas Corp. is amending and extending its credit facilities in connection with the planned spin-off of TriMas' Cequent businesses into a stand-alone, publicly traded company, Horizon Global Corp. TriMas will use the proceeds from the one-time dividend received from Horizon to reduce borrowings under its existing credit facilities. We are affirming the ratings on TriMas including its 'BB-' corporate credit rating. The stable outlook reflects our view that pro forma credit measures will likely remain appropriate for the rating. NEW YORK (Standard&Poor's) June 1, 2015--Standard&Poor's Ratings Services said today it affirmed its 'BB-' corporate credit rating on U.S.-based TriMas Corp. following our review of the planned spin-off of the company's Cequent businesses into a stand-alone

...+ U.S.-based TriMas Corp. is amending and extending its credit facilities in connection with the planned spin-off of TriMas' Cequent businesses into a stand-alone, publicly traded company, Horizon Global Corp. + TriMas will use the proceeds from the one-time dividend received from Horizon to reduce borrowings under its existing credit facilities. + We are affirming the ratings on TriMas including its '##-' corporate credit rating. + The stable outlook reflects our view that pro forma credit measures will likely remain appropriate for the rating. NEW YORK (Standard & Poor's) June 1, 2015--Standard & Poor's Ratings Services said today it affirmed its '##-' corporate credit rating on U.S.-based TriMas Corp. following our review of the planned spin-off of the company's Cequent businesses into a stand-alone company, Horizon Global Corp. The rating outlook is stable. TriMas will receive a $200 million dividend from Horizon and use it to pay down its existing term loan. The company plans to complete...

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