S&P gives Skyscraper, loan B

S&P said it assigned preliminary B ratings to LSF11 Skyscraper Holdco Sarl and the €600 million portion of the proposed €700 million euro-denominated senior secured term loan B.

“Skyscraper's credit quality reflects the company's leading position in a very competitive and fragmented construction chemical market, exposure to cyclical end markets, and the risks around the delivery and timing of the proposed cost-savings program,” S&P said in a press release.

Proceeds from the term loan and a holdco loan along with preferred equity will be used by the private equity firm Lone Star Funds to acquire BASF's construction chemicals unit from BASF SE for €3.2 billion

The outlook is stable.

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