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Rating Action:

Moody's assigns B1 ratings to AMG Advanced Metallurgical Group; outlook stable

12 Jan 2018

$500 million of debt rated

New York, January 12, 2018 -- Moody's Investors Service assigned a B1 Corporate Family Rating (CFR) and a B1-PD Probability of Default Rating (PDR) to AMG Advanced Metallurgical Group N.V. (AMG). In addition, Moody's assigned a B1 rating to the company's proposed $200 million senior secured revolving credit facility and its $300 million senior secured term loan B. These ratings are commensurate with the corporate family rating since the revolver and the term loan will have the same collateral securing the borrowings and will account for almost all of the debt in the company's capital structure. The proceeds from the term loan will be used to repay about $150 million of existing term loan debt, to fund the company's lithium development projects and expand its tantalum production in Brazil and to cover transaction fees and expenses. Moody's also assigned a speculative grade liquidity rating of SGL-2. The ratings outlook is stable. This is the first time Moody's has rated AMG Advanced Metallurgical Group N.V.

Assignments:

..Issuer: AMG Advanced Metallurgical Group N.V.

.... Corporate Family Rating, Assigned B1;

.... Probability of Default Rating, Assigned B1-PD;

....$200 million senior secured revolving credit facility B1 (LGD3);

....$300 million senior secured term loan B1 (LGD3);

....Speculative Grade Liquidity Rating, Assigned SGL-2.

Outlook Actions:

..Issuer: AMG Advanced Metallurgical Group N.V.

....Outlook, Assigned Stable

RATINGS RATIONALE

AMG's B1 corporate family rating reflects its moderate financial leverage, ample interest coverage, good liquidity, good geographic and end market diversity and the importance of its products in lightweighting, energy efficiency and carbon emissions reduction which should lead to relatively steady customer demand. The company also has a strong market position with only a few major competitors for most of the critical materials it produces, and sells those materials to a number of blue chip customers with whom it has established long term relationships. AMG's rating considers the upside earnings potential if it successfully produces commercial grade lithium concentrate from existing and future lithium bearing tailings generated via tantalum production at its mine in Brazil. The company's rating is constrained by its modest scale versus higher rated manufacturers, the risks related to its lithium development and tantalum expansion projects, which will result in elevated capital spending and negative free cash flow over the next two years, as well as its reliance on raw materials from mines located in some less developed countries and those with potential geopolitical risks.

Moody's anticipates that AMG will continue to benefit from solid demand from the transportation, infrastructure, specialty chemicals and other end markets that it serves since most of the critical materials it produces are used for lightweighting products, enhancing their energy efficiency and reducing their carbon emissions. In addition, the company has a record backlog of orders in its engineering segment for vacuum furnace systems used for heat treating, coating turbine blades and producing titanium powders. The company should also benefit from commercial sales of lithium concentrate beginning in the second half of 2018. Therefore, we expect it to produce a moderate increase in adjusted EBITDA versus the level produced in 2017, which we estimate in the range of $125 million - $130 million including Moody's standard adjustments. That should result in credit metrics that support the assigned B1 corporate family rating, with an adjusted leverage ratio (Debt/EBITDA) modestly below 4.0x and an interest coverage ratio (EBITA/Interest Expense) slightly above 2.5x.

Moody's has assigned a speculative grade liquidity rating of SGL-2 since AMG is expected to maintain good liquidity and will have no meaningful debt maturities prior to the maturity date of the proposed revolver in 2023 and the term loan B in 2025. The company is expected to maintain a sizeable cash balance and full availability on its $200 million revolver, which is expected to be undrawn at closing. The company will be producing negative free cash flow in 2018 and 2019 as it invests in its lithium development projects in Brazil, and pursues other growth investments. However, the company will increase its cash balance by about $150 million with the establishment of the new term loan and these funds will be used for the lithium and tantalum projects. The company has generated free cash flow historically and could return to positive cash flows in 2020 when project spending is completed.

The stable ratings outlook presumes the company's operating results will moderately improve over the next 12 to 18 months and result in credit metrics that support its rating. It also presumes the company will not experience any significant issues related to its lithium development and tantalum expansion projects.

The ratings could be upgraded if the company successfully completes its lithium development and tantalum expansion projects and achieves a material improvement in its operating results. Maintaining a leverage ratio below 4.0x, an interest coverage ratio above 3.0x and returning to positive cash flow generation could lead to an upgrade. However, AMG's moderate scale will limit its upside ratings potential.

Negative rating pressure could develop if the company experiences any significant issues related to its lithium development and tantalum expansion projects. Any material disruptions that result in weaker than expected operating performance, or the pursuit of other debt financed growth projects that result in weaker than expected credit metrics would negatively impact the company's rating. The leverage ratio rising above 5.0x or the interest coverage ratio persisting below 2.0x could lead to a downgrade. A significant reduction in borrowing availability or liquidity could also result in a downgrade.

Advanced Metallurgical Group N.V., headquartered in Wayne, Pennsylvania, produces engineered specialty metals and mineral products through its AMG Critical Materials division. This segment produces aluminum master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal. Its AMG Engineering division designs and produces vacuum furnace equipment and systems used to produce and upgrade specialty metals and alloys. The company sells its products to the transportation, infrastructure, energy, and specialty metals & chemicals end markets from production facilities in Germany, the United Kingdom, France, Czech Republic, United States, China, Mexico, Brazil and Sri Lanka. The company produced revenues of $1.0 billion during the twelve months ended September 30, 2017 with about 44% generated in Europe, 33% in North America, 19% in Asia and 4% in the rest of the world.

The principal methodology used in these ratings was Global Manufacturing Companies published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Michael Corelli
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Brian Oak
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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