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Recovery Report: CPG International Inc.'s Recovery Rating Profile Feb 11

  • ID: 1724051
  • February 2011
  • Region: Global
  • Standard & Poors
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We have revised our issue-level and recovery ratings on building products manufacturer CPG International Inc. 's(CPG) proposed senior secured credit facilities to reflect a $50 million increase in the principal amount of the proposed first lien term loan and the elimination of the proposed second lien term loan. As a result of the $50 million increase in the amount of proposed first lien debt, we revised the recovery rating on the proposed first lien term loan, while the issue-level rating remains unchanged. Proceeds of the term loan, together with a borrowing under an unrated asset-based lending (ABL) revolving credit facility, will be used to repurchase or redeem CPG's outstanding floating rate senior notes due 2012 and 10.5% senior notes due...

Companies mentioned in this report are:
- CPG International LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- CPG International LLC

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