S&P rates Rain Carbon loan BB

S&P said it assigned BB issue-level and 1 recovery ratings to Rain Carbon Inc.'s planned €390 million amend and extend first-lien senior secured term loan B. The 1 recovery rating indicates very high recovery (90%-100%) in a hypothetical default.

“The BB issue rating on the proposed loan assumes the proportion of the first-lien debt will remain the same as in the current capital structure. As such, this issue rating is two notches higher than the issuer credit rating on RCI (B+/stable/--),” S&P said in a press release.

The transaction will extend the maturity of the first-lien senior secured term loan B to October 2028 from January 2025, the agency noted.

RCI also plans to simultaneously issue second-lien debt to refinance most of its outstanding $530 million in second-lien senior secured notes due in April 2025.

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