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S&P: Handy & Harman loan B
Standard & Poor's said it assigned a preliminary B corporate credit rating to Handy & Harman Group Ltd.
The outlook is stable.
At the same time, S&P assigned a preliminary B issue-level rating to Handy & Harman's proposed $200 million term loan B due 2018. The preliminary recovery rating on the proposed notes is 4, indicating the expectation of average (30% to 50%) recovery in the event of payment default.
The company plans to use proceeds from the proposed transaction to repay outstanding debt and pay related fees and expenses, S&P said.
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