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S&P assigns CPM loans B+, B
Standard & Poor's said it affirmed its B+ corporate credit rating on CPM Holdings Inc.
The outlook is stable.
At the same time, the agency assigned a B+ issue-level rating to the company's proposed $315 million first-lien term loan due 2021 and $30 million revolving credit facility due 2019. The 3 recovery rating indicates an expectation for meaningful recovery (50% to 70%) in the event of payment default. Recovery expectations are in the lower half of the 50% to 70% range.
S&P also assigned a B issue-level rating to the company's proposed $100 million second-lien term loan due 2022. The 5 recovery rating indicates an expectation for modest recovery (10% to 30%) in the event of payment default. Recovery expectations are in the lower half of the 10% to 30% range.
CPM Acquisition Corp. and Crown Acquisition Corp., subsidiaries of CPM, will co-borrow under the senior secured facilities. S&P will withdraw its ratings on CPM's existing debt following the completion of the transaction.
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