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Fitch applies BB/RR4 to Ingevity notes
Fitch Ratings said it assigned a BB/RR4 rating to Ingevity Corp.'s new $300 million senior unsecured notes due 2026.
Proceeds are expected to be used to finance the acquisition of Georgia-Pacific LLC's pine chemicals business for $315 million.
Ingevity was spun off from WestRock Co. on May 16, 2016.
“The rating reflects the company's modest size, strong margins owing to technological and market leadership in activated carbon for auto emissions control, and modest leverage,” Fitch said in a news release.
The stable outlook reflects the agency’s view that the company will deleverage to a funds from operations (FFO) net leverage below 3 times following the acquisition.
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