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Recovery Report: Aquilex Acquisition Sub III LLC's Recovery Rating Profile Nov 08 Product Image

Recovery Report: Aquilex Acquisition Sub III LLC's Recovery Rating Profile Nov 08

  • Published: November 2008
  • Standard & Poors

FEATURED COMPANIES

Abstract
On Nov. 20, 2008, Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to Aquilex Acquisition Sub III LLC's proposed $310 million senior secured bank facilities. We assigned a 'BB-' rating (two notches above the 'B' corporate credit rating on Aquilex Holdings LLC) and a recovery rating of '1' to the first-lien credit facilities, reflecting our expectation of very high (90%-100%) recovery in the event of a payment default. The first-lien credit facilities consist of a $50 million revolving credit facility due 2013 (which includes a letter of credit sub-limit of $22 million), $50 term loan A due 2012, and $210 million term loan B due 2013. On Oct. 6, 2008, Ontario Teachers' Pension Plan announced an...

Companies mentioned in this report are:
- Aquilex 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 READ MORE >

- Aquilex Holdings LLC

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