S&P rates Kobe notes CCC

S&P said it gave CCC and 6 recovery ratings to Kobe US Midco 2 Inc.'s newly planned senior payment-in-kind toggle notes.

Aruba Investments Holdings LLC (Angus Chemical Co.) is adding $100 million to its U.S. dollar term loan B due November 2027. It is also issuing new $200 million of senior toggle notes through a holding company (HoldCo), Kobe US Midco 2 Inc. The company will use both the term loan B add-on and PIK toggle note proceeds to pay a $300 million dividend to shareholders.

Concurrently, S&P affirmed Aruba’s B- issuer rating.

The outlook is stable.

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