Recovery Report: WireCo WorldGroup Inc.'s Recovery Rating Profile Jun 11
Standard & Poors, June 2011
Abstract
We are updating our recovery analysis on Kansas City, Mo.-based steel wire manufacturer WireCo WorldGroup Inc., reflecting the add-on to its existing 9.5% notes and the planned amendment and restatement of the credit agreement for its senior secured credit facilities. A portion of the proceeds from the add-on notes will be used to prepay approximately $134 million of term loan obligations. We have assigned issue-level and recovery ratings to the -40 million revolving credit facility and term loan due 2014 under the amended and restated credit agreement (see table 1). We have also revised our recovery rating on the 9.5% notes to reflect the impact of the term loan prepayment, which reduces our estimate for the amount of senior secured...
Companies mentioned in this report are: WireCo WorldGroup Inc.
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
WireCo WorldGroup Inc.
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