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S&P rates CPM loans B
S&P said assigned B issue-level and 3 recovery (50%-70%; rounded estimate: 50%) ratings to CPM Holdings Inc.’s planned $100 million revolving credit facility and $1.13 billion first-lien term loan.
The agency also affirmed CPM’s B issuer rating.
The company plans to use the proceeds of the first-lien term loan, along with $26 million of balance sheet cash, to refinance about $702 million of first- and second-lien debt, pay a $410 million dividend to sponsor owner American Securities, and fund about $44 million of transaction costs and fees.
The outlook is stable.
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