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| Prospect News home > News index > List of issuers M > Headlines for Mercer International, Inc. > News item |
S&P rates Mercer notes BB-
S&P said it assigned its BB- issue-level rating and 3 recovery rating to Mercer International Inc.'s proposed $350 million senior notes due 2025.
The recovery rating reflects an expectation for meaningful (50%-70%; rounded estimate 50%) recovery for Mercer's unsecured noteholders in its simulated default scenario.
The proposed notes will rank equally with the company's existing senior unsecured notes outstanding.
“We expect the company will use the proceeds from the proposed notes issuance along with a modest amount of cash from its balance sheet to fund the $360 million acquisition of Daishowa-Marubeni International Ltd. (DMI), announced on Oct. 3, 2018,” S&P said in a news release.
The agency said the proposed notes will replace the company’s unsecured bridge facility put in place to finance the transaction, with no impact on the BB- issuer credit rating or positive outlook on Mercer.
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