S&P lowers EP Minerals

S&P said it lowered the rating on EP Minerals LLC's first-lien debt to B from B+.

EP Minerals is obtaining a $62.5 million add-on to its first-lien term loan under its original agreement.

The recovery rating on the first-lien debt is 3, indicating 50% to 70% expected default recovery.

The rating on the company's second-lien debt remains at CCC+. The recovery rating on the second-lien debt remains at 6, indicating 0 to 10% expected default recovery.

The corporate credit rating is unchanged at B and the outlook is stable.

S&P said it expects EP Minerals will apply the proceeds toward the purchase price and associate fees and expenses of BASF's bleaching clay and mineral adsorvents business.

It includes a production site and a clay mine in Mississippi and the mineral rights sub-lease associated with a mine in Arizona, the agency said.

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