S&P rates Del Labs loan B, notes CCC+

Standard & Poor's said it assigned a B corporate credit rating to Del Laboratories Inc. In addition, a B rating and a 2 recovery rating were assigned to Del's planned $260 million bank facility.

A CCC+ rating was also assigned to Del's planned $150 million senior subordinated note offering due 2012. The outlook is positive.

Kelso & Co. will use proceeds from these offerings and $138 million of equity to finance the acquisition of the company for $504 million.

S&P said the ratings reflect Del's high leverage as a result of the Kelso acquisition.

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