| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Orion Engineered Carbons Bondco GmbH > News item |
S&P upgrades Orion Engineered
Standard & Poor’s said it raised the long-term corporate credit rating on Orion Engineered Carbons Bondco GmbH to B+ from B.
The outlook is positive.
The agency also said it removed the rating from CreditWatch, where it was placed with positive implications in July.
S&P also said it assigned a B+ long-term corporate credit rating to the new listed parent company, Orion Engineered Carbons SA.
The outlook is positive.
The agency also said it affirmed the B+ rating and 3 recovery ratings on the €665 million senior secured term loan and the €115 million senior secured revolving credit facility co-issued by Orion Engineered Carbons GmbH and OEC Finance US LLC.
The ratings reflect the group’s improved leverage profile following the successful initial public offering, S&P said.
The group has used the transaction’s proceeds, including about €240 million from the IPO, to repay all existing debt, leaving €665 million gross debt on balance sheet compared with €850 million at year-end 2013, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.