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S&P: Dynacast notes B, loan BB-
Standard & Poor's said it assigned a B preliminary corporate credit rating to Dynacast and a BB- preliminary issue-level rating to the company's proposed $75 million credit facility. This facility includes a $25 million term loan and $50 million revolver. The preliminary recovery rating is 1, indicating very high (90% to 100%) recovery in a payment default scenario.
The proposed $375 million of senior secured second-lien notes are rated preliminary B with a 4 preliminary recovery rating indicating average (30%-50%) recovery in a payment default scenario.
The outlook is stable.
The ratings on Dynacast reflect its weak business risk profile and highly leveraged financial risk profile, the agency said.
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