TEXT-S&P rates Remy International

Newswire

(The following statement was released by the rating agency) -- U.S.-based automotive supplier Remy International refinanced its debt with a new term loan B, established a new asset-backed loan (ABL) facility, and converted preferred stock into common stock through a rights offering. -- The refinancing has lowered interest payments and extended maturities, and the repayment of preferred stock has reduced adjusted debt. -- We are assigning Remy a 'B+' corporate credit rating. -- The ...

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