S&P applies B+ to Rain CII notes

S&P said it assigned its B+ issue rating to Rain CII Carbon LLC's proposed $550 million senior secured notes due 2025.

The recovery rating is 4, indicating an expectation of average (30%-50%; rounded estimate 45%) recovery in the event of a payment default.

The corporate credit rating is unaffected at B+ with a stable outlook.

Proceeds will be used to repay about $377 million outstanding under the company’s current notes due in 2018 and partly repay the notes due in 2021.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.