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S&P ups CSM Bakery
S&P said it upgraded the issuer rating for CSM Bakery Solutions LLC to CCC+ from SD and the ratings on the company’s first-lien term loan to B- from CC and second-lien term loan to CCC- from C. The 2 and 6 recovery ratings, respectively, are unchanged.
Rhone Capital, CSM’s owner, invested €50 million in equity on June 10.
“The upgrade reflects the extension of the company’s debt maturities. CSM extended the ABL’s maturity from July 2020 to October 2021, the first-lien term loan maturity from July 2020 to January 2022, and the second-lien term loan from July 2021 to February 2022,” S&P said in a press release.
The asset-based loan facility is unrated.
The outlook is negative.
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