S&P assigns BB to Olin notes

S&P said it assigned its BB issue-level rating to Olin Corp.'s proposed $500 million senior unsecured notes due 2027. The recovery rating is 3, indicating an expectation of meaningful (50% to 70%; rounded estimate: 55%) recovery in the event of a payment default.

The company plans to use proceeds from the new debt issuance, along with an upsizing of its senior unsecured revolving credit facility and term loan A, to repay outstanding debt.

S&P’s existing ratings on Olin, including the BB corporate credit rating, are unchanged. The outlook is stable.

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