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04 Jun 2007
Moody's affirms the B2 CFR of Fort Dearborn; rates proposed secured debt B1
Approximately $175 million of rated debt affected
New York, June 04, 2007 -- Moody's Investors Service ("Moody's") assigned
a first time rating of B1 to the proposed $175 million senior secured
credit facilities consisting of a $25 million first lien revolver
and $150 million first lien term loan B for Fort Dearborn Company
("FDC"). Moody's also affirmed the B2 corporate
family rating and stable outlook.
On May 31, 2007 FDC announced it had acquired substantially all
of the operating assets and assumed certain liabilities of Renaissance
Mark Holdings Corporation ("Renmark") for an undisclosed sum.
The company will use the $150 million first lien term loan B and
a $6 million seller note to fund the acquisition, repay existing
bank debt and cover fees and expenses. The $25 million revolver
is expected to be undrawn and fully available at closing. The facility
includes a $10 million Canadian revolving credit facility and a
$25 million Canadian senior secured term loan B sub-facility.
Moody's took the following rating actions:
- Assigned $25 million senior secured first lien revolver
maturing 2012, B1 (LGD 3, 42%)
- Assigned $150 million senior secured first lien term loan
B due 2012, B1 (LGD 3, 42%)
- Affirmed corporate family rating, B2
- Affirmed probability of default rating, B2
The following ratings will be withdrawn upon completion of the refinancing:
- $20 million senior secured first lien revolver maturing
2011, B1 (LGD 3, 38%)
- $85 million senior secured first lien term loan B due
2012, B1 (LGD 3, 38%)
The ratings outlook is stable.
In affirming the B2 corporate family rating and stable outlook Moody's
gave significant consideration to the improved business profile expected
from combining the leading suppliers of cut and stack labels. Pro
forma for the acquisition the company will be the second largest player
in the highly fragmented domestic label market based on sales, with
the cut and stack segment accounting for around 84% of total revenues.
The transaction also gives FDC entry into the higher margin spirits and
wine segment and will provide better customer diversification, with
the top customer, Sherwin-Williams accounting for less than
10% of total revenue. However, FDC's small size
is still a limiting factor with pro forma 2006 revenue of about $307
million. The anticipated financial metrics are also burdened by
a heavy reliance on achieving significant synergies. Given Renmark's
historical operating difficulties, FDC will be challenged to successfully
integrate the acquisition and improve performance. Moody's
notes that the rating were assigned on the basis of unaudited data for
Renmark's full year 2006 and are subject to receipt of the audited
Fort Dearborn Company ("FDC"), headquartered in Elk
Grove Village, Illinois, is a leading supplier of product
labels to a wide variety of consumer product and packaged food end markets
and is the number one supplier of cut and stack labels and number three
supplier of shrink sleeve labels in the United States. Revenues
for the twelve months ended December 31, 2006 were $177 million.
Renaissance Mark Holdings Corporation ("Renmark"), headquartered
in Bowling Green, Kentucky, is a producer of glue applied,
pressure sensitive and roll-fed film labels, for the food,
beverage, wine and spirits and consumer products industries in North
America. Revenues for the twelve months ended December 31,
2006 were $145 million.
For further information, refer to the Credit Opinion on Moodys.com.
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
No Related Data.
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