S&P rates Fibria loan B-

S&P said it gave a preliminary B- rating with a recovery rating of 3 to a proposed €180 million term loan B and a €50 million revolving credit facility for Fibria NL BidCo BV (Solidus Solutions).

The proceeds and €150 million in equity to fund the acquisition of the company.

S&P also assigned a preliminary B- rating to the company.

“We based our preliminary rating on Solidus’ niche position in the European solid board market, from which it generates 56% of sales, and its stable end markets (mainly food and beverages). That said, the company is limited in scale and has low EBITDA margins,” S&P said in a press release.

The outlook is stable.

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