|
|
 |
|
Viewing report
|
|
|
|
A.M. Castle & Co. Rated Preliminary 'B+'; Senior Secured Notes Rated Preliminary 'B+'; Outlook Stable Dec 11
Standard & Poors, Dec 2011
Abstract
U.S.-based specialty metals distributor A.M. Castle & Co. plans to issue $225 million in senior secured notes due 2016, which we expect the company to use to fund the $165 million acquisition of Tube Supply Inc. and repay existing debt. We are assigning a preliminary 'B+' corporate credit rating to the company. In addition, we are assigning a preliminary 'B+' issue-level rating to its proposed note issuance. The preliminary recovery rating is '4'. The stable outlook reflects our expectation that A.M. Castle & Co.'s near-term operating performance will benefit from relatively favorable demand trends in its energy and aerospace end markets. NEW YORK (Standard & Poor's) Dec. 5, 2011--Standard & Poor's Ratings Services said today it assigned its preliminary 'B+'...
Companies mentioned in this report are: A.M. Castle & Co.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
