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S&P rates KLX notes BB
Standard & Poor’s said it assigned its BB issue-level rating and 4 recovery rating to KLX Inc.’s proposed $1.2 billion senior unsecured notes. The 4 recovery rating indicates an expectation for average recovery (30%-50%) in a payment default scenario.
The company will use the proceeds from the notes to pay a one-time $750 million dividend to its former parent, B/E Aerospace Inc., and to provide initial liquidity. KLX will be spun off from BE Aerospace in mid-December and the note proceeds will be placed in escrow pending the completion of the spinoff.
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