S&P rates loan of Azelis parent Akita B

S&P said it assigned its preliminary B long-term issuer credit rating to Akita MidCo Sarl, the new parent and owner of Luxembourg-based chemicals distributor Azelis Finance SA. The outlook is stable.

At the same time, S&P affirmed its B long-term issuer credit rating on Azelis. The outlook is stable.

S&P said it also assigned a preliminary B long-term issue rating to the proposed first-lien debt, including €765 million of euro- and British pound sterling-denominated senior secured term loans and a senior secured revolving credit facility to be issued by Akita BidCo Sarl, fully owned by Akita Midco and parent of Azelis. The recovery rating is 3, indicating an expectation of recovery prospects in the 50%-70% range (rounded estimate: 50%).

S&P also affirmed its B long-term issue and 3 recovery ratings (rounded estimate: 50%) on the company's existing first-lien debt. S&P will withdraw these ratings when the debt is repaid.

“The ratings reflect the capital structure being set up as part of the acquisition of Azelis by EQT and PSP, combined with the business' continued favorable and modestly improving operating performance,” S&P said in a news release.

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