S&P rates Rain Carbon notes B

S&P said it assigned B issue and 5 recovery ratings to Rain Carbon Inc.'s planned $450 million of second-lien senior secured notes due in 2029. The 5 recovery rating indicates a modest recovery (10%-30%) in a hypothetical default.

“As such, this issue rating is one notch lower than the issuer credit rating on RCI (B+/stable/--),” the agency said in a press release.

Rain Carbon will use the proceeds to refinance most of its outstanding $530 million of second-lien senior secured notes due in April 2025. The company is also extending the maturity of its first-lien senior secured euro-denominated term loan to 2028 from 2025.

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