Recovery Report: Butler Animal Health Supply LLC's Recovery Rating Profile
- ID: 1786902
- May 2011
- Standard & Poors
In conjunction with the proposed amendment to its senior secured credit facility, Standard & Poor's Ratings Services is reviewing recovery and issue-level debt ratings of Dublin, Ohio-based animal health supply company Butler Animal Health Supply LLC. The company intends to raise a new $75 million term loan A facility, while using proceeds to reduce its outstanding term loan B balance by an equal amount. An action to increase the senior secured revolver to $50 million is also proposed. Our simulated default scenario contemplates a default in 2015, resulting from significant declines in revenue related to a prolonged economic downturn and market shifts away from the company's products. Butler Animal Health Supply LLC remains the borrower under the amended credit facilities....
Companies mentioned in this report are: Butler Animal Health Supply LLC
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Research Type: Full Analysis