- Language: English
- Published: October 2012
Recovery Report: Clean Harbors Inc.'s Recovery Rating Profile Sep 11
- Published: September 2011
- Standard & Poors
Standard & Poor's Ratings Services is updating its recovery analysis on U.S. environmental services provider Clean Harbors Inc.'s rated debt following the upgrade of the company. Our recovery ratings remain unchanged (see table 1). Our simulated default scenario contemplates a default occurring in 2015 as a result of a weak economy, lower waste volumes, and reduced profitability. We estimate a gross recovery value of $565 million, assuming a distressed emergence EBITDA of $113 million and a 5.0x multiple. The company's capital structure consists of: A $250 million senior secured asset-based lending (ABL) revolving credit facility (unrated) due May 2016, and $520 million of senior secured notes due August 2016. The $250 million ABL revolving credit facility is made up of...
Companies mentioned in this report are: Clean Harbors Inc.
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Research Type: Full Analysis
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Clean Harbors Inc.
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