S&P puts Omnova on watch

S&P said it placed its ratings on Omnova Solutions Inc., including the B+ issuer credit rating, on CreditWatch with developing implications.

Omnova announced that it will be acquired by Synthomer plc for an implied enterprise value of $824 million.

At the same time, the agency placed its B+ issue-level rating on Omnova's first-lien term loan on CreditWatch with developing implications. There are no changes to the 3 recovery rating.

“We plan to resolve the CreditWatch placement after we assess whether the transaction will close and Omnova's debt will be fully repaid,” the agency said in a news release.

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