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S&P rates Milacron loan B, notes B-
Standard & Poor's said it assigned its B issue rating to Milacron LLC's proposed $245 million senior secured term loan. The recovery rating on this debt is 3, indicating an expectation for meaningful recovery (50% to 70%) in the event of payment default.
In addition, S&P assigned a B- issue rating to Milacron LLC's proposed $465 million senior unsecured notes. The recovery rating on this debt is 5, indicating an expectation for modest recovery (10%-30%) in the event of a payment default.
The B+ corporate credit rating on Milacron Holdings Inc. and the B+ issue rating on Milacron LLC's senior secured notes remain on CreditWatch, where they were placed with negative implications on Feb. 13.
The rating actions follow S&P's review of the proposed financing structure and operating prospects for Milacron's pending acquisition of Mold-Masters, a manufacturer of a comprehensive line of plastics delivery and control systems, known as hot runners.
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