S&P rates St. Marys Cement notes BB+

S&P said it assigned its BB+ issue-level rating to St. Marys Cement Inc.'s proposed senior unsecured notes for up to $500 million due 2027, with a recovery rating of 3, which indicates an expectation of a meaningful recovery on the notes (50%-70%, in the higher range of the band) under a hypothetical default scenario.

The assigned ratings reflect the credit quality of St. Marys' ultimate parent, Votorantim Cimentos SA (BB+/negative/--), which will unconditionally guarantee the notes along with Votorantim Cement North America Inc.

S&P expects the company to use the proceeds to fund its proposed tender offer for its outstanding 2021 and/or 2022 senior notes.

© 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.