Recovery Report: AdvancePierre Foods Inc.'s Recovery Rating Profile Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services reviewed the issue and recovery ratings on AdvancePierre Foods Inc.'s first-lien term loan. Our recovery and issue-level ratings on the facilities remain unchanged. Our simulated default scenario contemplates a default occurring in 2014, caused by continued high raw material costs and a sustained economic downturn resulting in continued weakness in consumer discretionary spending. The company's capital structure consists of a $100 million asset-based revolving facility (ABL) due Sept. 29, 2015, an $835 million, six-year first-lien term loan, a $230 million seven-year second-lien term loan, and $7.5 million subordinated seller notes related to the Barber Foods acquisition. All of the senior secured credit facilities are guaranteed by domestic subsidiaries. The revolving credit facility is secured by...
Companies mentioned in this report are:
- AdvancePierre Foods 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
- AdvancePierre Foods Inc.
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