S&P: CD&R Millennium loan B

Standard & Poor’s said it assigned a preliminary B long-term corporate credit rating to CD&R Millennium HoldCo 6 Sarl (Luxembourg), an indirect holding company for Mauser Holding GmbH.

The outlook is stable.

The agency also said it assigned a preliminary B rating to CD&R Millennium’s proposed €150 million revolving credit facility and €50 million acquisition and capital expenditure facility. The recovery rating on this revolver is 3.

S&P also assigned a preliminary B rating to the proposed €680 million first-lien term loan with a recovery rating of 3.

The agency also said it assigned a preliminary CCC+ rating to the proposed €295 million second-lien term loan. The recovery rating on the second-lien term loan is 6.

Potential changes include, but are not limited to, use of loan proceeds, maturity, size and conditions of the loans, financial and other covenants, security and ranking, S&P said.

The ratings reflect Mauser’s fair business risk profile and highly leveraged financial risk profile, the agency said.

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