S&P gives Albaugh facilities BB

S&P said it assigned a BB issue-level rating to Albaugh LLC's proposed senior secured credit facilities, which consist of a $100 million revolver due 2022 and a $325 million term loan B due 2024.

The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default.

The company plans to use proceeds to fully repay the outstanding term loan due 2021.

The existing ratings, including the B+ corporate credit rating and positive outlook, are unchanged.

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