Recovery Report: Butler Animal Health Supply LLC's Recovery Rating Profile
Standard & Poors, May 2011
Abstract
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
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
Butler Animal Health Supply LLC
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