Recovery Report: Stanadyne Corp.'s Recovery Rating Profile Mar 12
- ID: 2085128
- March 2012
- Standard & Poors
Standard & Poor's Ratings Services' has reviewed the recovery analysis on Windsor, Conn.-based Stanadyne Corp.'s senior subordinated notes and parent Stanadyne Holdings Inc.'s senior subordinate discount notes, in conjunction with our outlook revision. Our issue-level and recovery ratings remain unchanged. Our simulated default scenario contemplates lower-than-expected revenues and cash flow resulting from a depressed economy and loss of key customers. We believe that if Stanadyne defaulted, a viable business model would remain, and that lenders would achieve the greater recovery value through reorganization rather than through liquidation. At the end of third–quarter 2011, Stanadyne Corp. had $10.3 million drawn under a recently upsized $55.8 million asset-backed revolving credit facility (ABL), which is senior to its other debt, maturing in 2014....
Companies mentioned in this report are:
- Stanadyne Corp.
- Stanadyne Holdings Inc.
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