![]() ![]() ![]() Moody's forecasts free cash flow-to-debt will range from 5% - 7% by late 2023, despite high fixed charges. Full year earnings from Ram Tool, which will more than offset the loss of revenue from the sale of the company's Contractors' Warehouse business in the second quarter of 2021, higher volumes from organic growth and price increases compensate for the increasing debt load. Moody's projects debt-to-EBITDA improving to 5.8x by year-end 2023 from 7.0x at year-end 2021. ![]() Probability of Default Rating, Affirmed B2-PD.Senior Secured Bank Credit Facility, Affirmed B2 (LGD4).Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD6).Issuer: White Cap Parent, LLC.Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD6)Outlook Actions.Issuer: White Cap Supply Holdings, LLC.Outlook, Changed To Stable From Negative.Issuer: White Cap Parent, LLC.Outlook, Changed To Stable From NegativeRATINGS RATIONALEWhite Cap's B2 CFR reflects the company's highly leveraged capital structure. "Another significant debt financed acquisition or dividend could result in ratings pressure," added Doyle.The following ratings are affected by today's action:Affirmations.Issuer: White Cap Supply Holdings, LLC. A good liquidity profile further supports stabilization of White Cap's ratings."White Cap must execute on its growth strategy while integrating Ram Tool, contending with intense competition and a highly leveraged capital structure," said Peter Doyle, Vice President at Moody's. (Ram Tool), acquired on December 1, 2021, without impacting operations, generate revenue growth and modestly improve profitability, which would improve key credit metrics. The outlook is changed to stable from negative.The affirmation of White Cap's B2 CFR and change in outlook to stable from negative reflects Moody's expectation that White Cap will integrate Ram Tool Construction Supply Co. Moody's also affirmed the B2 rating on the company's senior secured bank credit facility, comprising a revolving credit facility and term loan, the Caa1 rating on the senior unsecured notes due 2028 and the Caa1 rating on the senior unsecured PIK notes to 2026 issued by White Cap Parent, LLC, parent holding company of White Cap Supply Holdings, LLC (collectively White Cap). For additional information, visit Action: Moody's affirms White Cap's B2 CFR outlook stableGlobal Credit Research - Approximately $3.3 billion of rated debt affectedNew York, Janu- Moody's Investors Service (Moody's) affirmed White Cap Supply Holdings, LLC's B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating. Seagate Development Group’s corporate headquarters is located at 9921 Interstate Commerce Drive in Fort Myers. Our team also continues to conduct remodeling projects in and around the region. In addition to recently completing a $5-million-plus grand estate model in Quail West, Seagate developed, built and sold 28 custom homes in Windward Isle. We are currently building custom, end-user residences in Esplanade Lake Club, Quail West, Talis Park, Hill Tide Estates and other luxury residential communities throughout Southwest Florida. Seagate’s high-profile, design-build projects include NeoGenomics’ 150,000-square-foot global headquarters and Scotlynn USA Division Inc.’s 60,000-square-foot North American corporate headquarters as well as managing over 1.5 million square feet of commercial space. ![]() Seagate Development Group is a leading, full-service development company specializing in a design-build process via new construction, custom renovations, interior design, and management and leasing services. ![]()
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