S&P rates Merrill facility B, lowers company

S&P said it assigned a B rating with a recovery rating of 3 to Merrill Corp.’s proposed credit facility and downgraded the company’s rating to B from B+

Merrill plans to use the proceeds to refinance its capital structure and pay a special dividend to its sponsors.

“We lowered our issuer credit rating on Merrill to B from B+ to reflect our expectation of elevated leverage and our view that the company will maintain an aggressive financial policy,” said S&P in a press release.

The outlook is stable.

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