S&P assigns Oxbow facilities BB-

S&P said it assigned a BB- rating with a 2 recovery rating to Oxbow Carbon LLC’s planned first-lien facilities. The proposed facilities include a $325 million revolving credit facility due 2024 ($125 million drawn at closing), a $175 million term loan A due 2024 and a $400 million term loan B due 2025.

Proceeds will be used to refinance Oxbow’s capital structure.

“We consider the transaction to be leverage neutral, and therefore, we are affirming our B+ rating on the company,” S&P said in a press release.

The outlook is negative.

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