Recovery Report: Preferred Sands Holding Co. LLC's/Preferred Resin Holding Co. LLC's Recovery Rating Profile Nov 11
Standard & Poors, November 2011
Abstract
Standard & Poor's Ratings Services assigned preliminary issue-level and recovery ratings to U.S.-based industrial minerals producer Preferred Sands Holding Co. LLC's and Preferred Resin Holding Co. LLC's(Preferred Sands) proposed $430 million senior secured credit facilities. The company intends to use proceeds of the proposed credit facilities to finance the purchase of Win Bay Sands L.P. (Win Bay Sands), to fund the buyout of certain minority investors of Preferred Sands, to repay existing debt, to pay transaction-related fees and expenses, and for general corporate purposes. Our simulated default scenario contemplates a default occurring in 2014, as a protracted economic recession leads to declining demand for frac and industrial sand in the company's key end markets. Our recovery analysis reflects the capital...
Companies mentioned in this report are: Fairmount Minerals Ltd.,Preferred Resin Holding Co. LLC,Preferred Sands Holding Co. 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
Fairmount Minerals Ltd.,Preferred Resin Holding Co. LLC,Preferred Sands Holding Co. LLC
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