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S&P rates Oilers loans B, CCC+
Standard & Poor's said it assigned a B corporate credit rating to Oilers Borrower Corp. following the announcement of the leveraged buyout from PPR SA.
The outlook is stable.
Concurrently, S&P assigned a B issue-level rating, with a 3 recovery rating, to the company's $280 million first-lien secured term loan due 2020. The 3 recovery rating indicates the expectation of meaningful (50% to 70%) recovery in the event of a payment default.
The agency also assigned a CCC+ issue-level rating, with a 6 recovery rating, to the $85 million second-lien secured term loan due 2020. The 6 recovery rating indicates the expectation for negligible (0% to 10%) recovery of principal in the event of a payment default.
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