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S&P lowers Milacron, rates loan B
Standard & Poor’s said it affirmed the B corporate credit rating on Milacron Intermediate Holdings Inc.
The outlook is stable.
The agency also said it affirmed the B rating on the company’s subsidiary, Milacron LLC’s senior secured debt, including the $343 million term loan due 2020 and $275 million 8 3/8% senior secured notes due 2019.
The recovery rating on this debt remains at 3, indicating 50% to 70% expected default recovery.
S&P also said it lowered the rating on Milacron LLC’s existing $465 million 7¾% senior unsecured notes due 2021 to CCC+ from B-. The recovery rating also was revised to 6 from 5, indicating 0 to 10% expected default recovery.
The agency also said it assigned a B rating and 4 recovery rating to the company’s proposed $730 million term loan due 2020. The 4 recovery rating indicates 30% to 50% expected default recovery.
The company operates in the highly cyclical, fragmented and competitive global plastics technology solutions market and is exposed to volatile raw material costs, S&P said.
These factors are partly offset by the company’s well-established global market positions, broad product portfolio, large installed base and brand recognition, the agency said.
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