Recovery Report: Tegrant Corp.'s Recovery Rating Profile Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services is providing an annual update to our recovery analysis on DeKalb, Ill.-based packaging manufacturer Tegrant Corp.'s first-lien and second-lien debt. We estimate gross recovery value of about $225 million, assuming a distressed emergence EBITDA of $45 million and applying a 5.0x EBITDA multiple. Our default scenario contemplates a 2012 payment default, assuming weak ongoing demand for the company's products, rising overhead costs, and limited liquidity to fund operations. Tegrant's capital structure consists of first-lien secured credit facilities, which include: $50 million revolving credit facility due 2013; $215 million($206 million outstanding) first-lien term loan B tranche due 2014; $25 million first-lien term loan C tranche outstanding and due 2014; and $75 million ($59 million outstanding) second-lien...
Companies mentioned in this report are: Tegrant Corporation
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
Tegrant Corporation
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