S&P raises VAC Holding

Standard & Poor's said it raised its long-term corporate credit rating on VAC Holding GmbH to BB- from B-, following its acquisition by OM Group Inc.

S&P said it removed the rating from CreditWatch, where it was placed with positive implications on July 8, after VAC's sole shareholder announced its definitive agreement to sell VAC to OM Group for a consideration of €700 million.

Following this rating action, S&P said it subsequently withdrew all its corporate credit and issue-level ratings on VAC at the issuer's request.

The rating action follows the repayment of VAC's outstanding €55 million bond issued by VAC Finanzierung GmbH and about €95 million of loans issued by VAC KG, both of which were funded by OM Group's recent issuance of about $900 million of senior secured credit facilities, S&P said in a news release.

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