TriMas Corp.'s Proposed $350 Million Senior Unsecured Notes Due 2029 Rated 'BB-' (Recovery Rating: '5')

NEW YORK (S&P Global Ratings) March 15, 2021--S&P Global Ratings today assigned its 'BB-' issue-level rating and '5' recovery rating to TriMas Corp.'s proposed $350 million senior unsecured notes due 2029. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 25%) recovery in the event of a payment default. We believe the company will use the proceeds from the transaction to refinance its existing $300 million senior unsecured notes due 2025 and for general corporate purposes. Additionally, TriMas Corp. has launched a process to extend the maturity of its $300 million revolving credit facility (unrated) from September 2022 until March 2026. We consider this transaction to be leverage neutral and view the maturity extension on the revolving

...- Value available to first-lien debt (collateral/non-collateral): $339.5 million/$19 million - Secured first-lien debt claims: $265 million - Value available to unsecured debt (collateral/non-collateral): $75 million/$19 million - Senior unsecured debt claims: $357 million - --Recovery expectations: 10%-30% (rounded estimate: 25%) Note: Debt amounts include six months of accrued interest that we assume will be owed at default. Collateral value includes asset pledges from obligors plus equity pledges in nonobligors. We generally assume usage of 85% for cash flow revolvers at default....

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