"The ratings on THI reflect our belief that the company-a leading provider of truck bed covers for pickup trucks-is a relatively niche participant in the broader auto supplier market," said S&P Global credit analyst David Binns. The borrower under the term loan and revolver is Tectum Holdings Inc., which is a wholly owned subsidiary of Truck Hero Inc. The '3' recovery ratings indicate our expectation that debtholders would realize meaningful (50%-70% lower half of the range) recovery in the event of a payment default. The outlook is stable.Īt the same time, we assigned our 'B' issue-level ratings and '3' recovery ratings to the company's proposed $525 million term loan due 2023 and $50 million revolver due 2021. S&P Global Ratings said today that it has assigned its 'B' corporate credit rating to Ann Arbor, Mich.-based auto supplier Truck Hero Inc.
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