- Language: English
- Published: October 2012
Recovery Report: Quality Home Brands' Recovery Rating Profile Jun 11
- ID: 1822103
- June 2011
- Standard & Poors
We have updated our recovery analysis for Quality Home Brands Holdings LLC as part of our surveillance. The recovery and issue-level ratings of the company's revolver and term loans remain unchanged. Our simulated default scenario contemplates a default in 2012 as a result of further lower demand due to continuous softness in the U.S. housing market. The company's current capital structure includes a $20 million first-out revolving credit facility, a $125.6 million cash-pay term loan, and a $105.9 million payment-in-kind (PIK) term loan ($117 million is currently outstanding, including PIK accretion), each due 2014. The borrower under the new first-lien credit facilities is Quality Home Brands Holdings LLC. The facilities are guaranteed by parent company QHB Holdings LLC and all...
Companies mentioned in this report are: Quality Home Brands Holdings 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
Quality Home Brands Holdings LLC