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S&P rates Continental Building loans B+, CCC+
Standard & Poor's said it assigned a B corporate credit rating to Continental Building Products LLC.
The agency also said it assigned a B+ rating to Continental's $370 million first-lien credit facilities. The recovery rating is 2, indicating 70% to 90% expected default recovery.
S&P also said it assigned a CCC+ rating to Continental's $120 million second-lien term loan due 2021. The recovery rating is 6, indicating 0% to 10% expected default recovery.
The outlook is stable.
The proceeds were used to fund Lone Star Funds' acquisition of Continental. Total consideration for the acquisition is $700 million, S&P said.
The stable outlook reflects an expectation of improved operating performance driven by recovering residential construction and repair and remodeling spending, the agency said.
As a result, S&P said it expects Continental to generate positive free cash flow that will go toward repayment of debt.
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