S&P ups ASP Emerald, rates facilities B

S&P said it upgraded ASP Emerald Holdings LLC’s ratings by a notch, including the issuer rating to B from B-. Also, the agency assigned a B rating and 3 recovery rating to the company’s $500 million of senior secured credit facilities (comprising a $425 million term loan and a $75 million revolver).

The company plans to refinance its capital structure with $100 million of equity and the loan proceeds from to repay its debt and pay fees and expenses related to the transactions.

“We raised our ratings on Emerald following the divestiture of its CTS segment, its subsequent debt pay down, and its announcement that it will refinance its capital structure with a combination of debt and equity,” S&P said in a press release.

The outlook is stable.

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