S&P rates Moly-cop loan B

S&P said it gave the planned $875 million term loan to be issued by AIP MC Holdings LLC (Moly-cop) B issue-level and 3 recovery ratings. The company also plans to secure an unrated $225 million second-lien loan.

Moly-cop will use the proceeds and cash on hand to retire its secured notes and pay a dividend to the financial sponsor.

“The transaction will add $280 million in incremental debt and raise adjusted leverage to about 6x from 4.8x. We estimate Moly-cop could reduce leverage below 6x over the next 12 to 24 months,” S&P said in a press release.

The agency affirmed Moly-cop’s B issuer rating and the outlook remains stable.

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