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S&P rates Unifrax loan BB-, notes B-
Standard & Poor's said it affirmed the B corporate credit rating on Unifrax Holding Co.
S&P also assigned a BB- rating to the company's proposed new first-lien debt, which includes a $50 million revolver and a $400 million term loan. The recovery rating is 1, indicating 90% to 100% expected default recovery.
The agency also said it assigned a B- rating to the company's proposed $250 million senior unsecured notes. The recovery rating on this debt is 5, indicating 10% to 30% expected default recovery.
Unifrax I LLC will be the borrower under the term loan and revolving credit facility, S&P said, and will issue the senior unsecured notes.
Unifrax UK Holdco Ltd., Unifrax Ltd. and Unifrax GMBH will be co-borrowers under the revolving credit facility.
The proceeds will be used to redeem all outstanding debt under its existing credit facilities and to fund the acquisition of a specialty fiber producer, S&P said.
The outlook is stable.
The ratings reflect the company's limited scale of operations as a niche producer in its core industrial and automotive application markets, the agency said.
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