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Recovery Report: Park-Ohio Industries Inc. Recovery Rating Profile
Standard & Poors, June 2010
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
We have completed a review of the recovery and issue-level ratings on Cleveland-based Park-Ohio Industries Inc. The recovery and issue-level ratings assigned to the company's senior subordinated notes remain unchanged. In March 2010, Park-Ohio amended its unrated senior credit facilities, which resulted the maturity date extension to June 2013 and reduced the total commitment to $210 million from $270 million. The facilities consist of a $170 million asset-based loan (ABL) facility, a $28 million secured term loan, and a $12 million unsecured term loan. In addition, the company has about $184 million of outstanding senior subordinated notes due 2014. The 8.375% senior subordinated notes are general unsecured subordinated obligations that all domestic subsidiaries guarantee. The notes are subordinated in right...
Companies mentioned in this report are: Park-Ohio Industries Inc.
Park-Ohio Industries Inc.