Moody’s might lift Orion, rates loans B1

Moody's Investors Service said it placed the B2 corporate family rating of Orion Engineered Carbons Holdings GmbH, its B2-PD probability of default rating and all the ratings on its subsidiaries with outstanding debt instruments on review for upgrade.

The placement follows the recent announcement of its IPO on the New York Stock Exchange and of its agreement to borrow a new €665 million equivalent term loan facility and a new €115 million multicurrency revolving credit facility.

Concurrently, the agency assigned a provisional B1 (LGD3-32%) rating to the new term loan facility and the new revolver, which will be borrowed by Orion Engineered Carbons GmbH and OEC Finance US LLC, two subsidiaries of Orion.

Proceeds from the new term loan facility and the IPO will be used to fully repay the company's outstanding debt, namely the senior secured notes, the existing super senior revolving credit facility and the PIK toggle notes.

© 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.