Fitch gives MMI term loan BB-

Fitch Ratings said it assigned MMI International Ltd.'s $180 million senior secured term loan due 2018 a final rating of BB-.

The term loan is fully guaranteed by MMI's parent, Precision Capital Private Ltd., and certain other subsidiaries of MMI based outside China.

The proceeds from the term loan will be fully used to refinance the existing senior secured term loan of $230 million, with the balance funded from available cash.

Fitch said the new term loan, which shares the same characteristics with MMI's $300 million 8% guaranteed senior secured 2017 notes, is structurally subordinated to the existing and future debt of certain MMI subsidiaries, particularly those based in China, which do not guarantee the notes and term loan.

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