S&P gives B to Fire (BC) notes

S&P said it assigned its B preliminary long-term issuer credit rating to Fire (BC) Sarl, the parent and owner of Italmatch Chemicals SpA, a specialty chemicals manufacturer headquartered in Italy. The outlook is stable.

At the same time, S&P assigned a B preliminary long-term issue rating to the group's proposed €410 million senior secured floating rate notes due 2024, to be issued by Fire (BC) SpA. The preliminary recovery rating on the facilities is 3, reflecting an expectation of 50%-70% recovery (rounded estimate: 50%) in the event of a payment default.

The private equity firm Bain Capital is acquiring Italmatch from Ardian and is refinancing its debt. The contemplated financing for this acquisition comprises a €70 million revolving credit facility and €410 million senior secured floating-rate notes. The transaction will be further supported by equity provided by the private equity sponsor.

“The rating on Italmatch primarily reflects our view of the group's strong niche positions and its longstanding relationships with key customers, but also its relatively small size and highly leveraged financial profile,” S&P said in a news release.

© 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.