S&P: MetoKote unaffected

Standard & Poor's said MetoKote Corp.'s (B+/stable/--) announcement that it expects to close within the week on its amended senior credit facilities does not affect the ratings on the company.

The size of the proposed, amended facilities is expected to total $185 million, which is $50 million less than the amount proposed in March and $20 million less than the existing facilities.

S&P said the first-lien facility still consists of a $30 million, five-year revolving credit facility, a commitment that remains unchanged from the existing revolving facility.

Using proceeds from the sale leaseback, MetoKote will pay a dividend of about $30 million to its equity sponsor, or about half the amount previously expected.

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