Omnimax Cut by S&P on Prospect of Distressed-Debt Transaction

“A default, distressed exchange, or restructuring appears inevitable in the next six months absent a successful refinancing or unanticipated significantly favorable changes in the company’s circumstances,” S&P says in a new report on Omnimax International Inc.

• Rating drops to CCC- negative from CCC on maker of aluminum, steel, vinyl and fiberglass products, per S&P
• Cites maturities of $385 million of 12% senior secured notes due Aug. 15 and $216 million outstanding on PIK senior unsecured loan facility due Feb. 6
• If the company fails to refinance the notes before May 17, the ABL credit facility’s maturity springs forward to that ...