S&P rates Orion Engineered Carbons loan B+

Standard & Poor’s said it placed its B long-term corporate credit rating on Orion Engineered Carbons Bondco GmbH on CreditWatch with positive implications.

At the same time, S&P assigned a B+ issue rating and 3 recovery rating to the company’s proposed €665 million senior secured term loan and €115 million revolving credit facility.

S&P also affirmed the BB- issue rating on the $250 million revolver with a recovery rating of 1, the B issue rating on the euro- and dollar-denominated senior secured notes maturing 2018 with a recovery rating of 4 and the CCC+ issue rating on the subordinated payment-in-kind toggle notes due 2019 with a recovery rating of 6.

The CreditWatch positive placement primarily reflects Orion’s plans to go public in the short term, which is contingent on the completion of the IPO process, S&P said in a news release. S&P also expects the company to issue a new senior secured term loan.

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