S&P rates K2 Pure loan BB-

Standard & Poor's said it assigned a preliminary BB- rating to K2 Pure Solutions NoCal LP's $115 million senior secured term loan maturing 2015 with 1 recovery rating.

The outlook is stable.

K2 is a special-purpose entity formed to build, own and operate a chlor-alkali chemical plant in Pittsburg, Calif. The project is indirectly owned by K2 Pure Solutions (unrated), which is indirectly owned by Centre Partners (unrated) and K2's executive management team (unrated).

The project will use loan proceeds plus equity to build the plant.

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