S&P rates Olin notes, loans BB+

S&P said it affirmed the BB+ issuer credit rating on Olin Corp. and BB+ issue-level ratings on its existing senior unsecured debt.

The recovery ratings remain 3.

Olin is planning to refinance its capital structure by issuing $750 million in senior unsecured notes, and $2 billion in senior unsecured credit facilities ($800 million revolver and a $1.2 billion delayed-draw term loan), primarily to repay and pre-fund the call of existing acquisition-related debt, and pay fees and expenses.

S&P also assigned BB+ issue-level and 3 recovery ratings to the proposed unsecured credit facilities and unsecured notes.

The 3 recovery rating reflects an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

The agency said the actions reflect the leverage-neutral refinancing and an expectation that operating performance will allow the company to maintain credit measures that S&P views as appropriate for the current rating.

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