S&P rates Edgewell loans BB-

S&P said it assigned a BB- rating to Edgewell Personal Care Co.’s proposed $1.6 billion senior secured credit facilities with a 2 recovery rating, indicating creditors could expect substantial (70%-90%; rounded estimate: 80%) recovery in the event of a payment default.

The agency lowered the issuer credit rating to BB- and its issue-level rating on the senior unsecured notes by two notches to B+.

The ratings were also removed from CreditWatch, where they were placed with negative implications on May 10.

“Due to the sizable secured bank debt in the proposed capital structure, the recovery rating on the senior unsecured notes is revised to 5, indicating that creditors could expect modest (10%-30%; rounded estimate: 25%) recovery in the event of a payment default, from 3,” said S&P in a press release.

The outlook is negative.

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