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S&P rates Momentive loan B+
S&P said it assigned B+ issue-level and 3 recovery ratings to Momentive Performance Materials Inc.'s planned $850 million first-lien term loan due in 2028. The 3 recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in default.
The issuer’s B+ rating and stable outlook are unchanged, the agency said.
MPM is expected to use the proceeds to repay its first-lien term loan facility and for fees and expenses related to the refinancing.
“Concurrent with its first-lien term loan refinancing, we expect MPM will complete the refinancing of its second-lien term loan facility with its Korean banking group,” S&P said in a press release.
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