Fitch assigns BBB to Albemarle notes

Fitch Ratings said it assigned a BBB long-term rating to the new senior unsecured notes of Albemarle Corp., Albemarle Wodgina Pty Ltd. and Albemarle New Holding GmbH.

Fitch affirmed Albemarle’s ratings including its revolver, term loan and notes at BBB.

“The rating actions follow the company’s announcement that it intends to issue roughly $1.6 billion in new senior unsecured notes, the proceeds from which will be used to finance a portion of the cash consideration for the Wodgina joint venture (JV), to refinance the existing 4.5% senior notes due 2020 and the borrowings under the term loan A facility, to pay down a portion of the outstanding CP, and for general corporate purposes,” said Fitch in a press release.

The outlook is stable.

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