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Calumet Specialty Products Partners' $510 Million Secured Loans Rated 'BB-', Recovery '1'
Standard & Poors, Nov 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) Nov. 29, 2007--Standard & Poor's Ratings Services said today that it assigned its bank loan and recovery ratings to the $510 million credit facilities of Calumet Lubricants Co. L.P. (no corporate credit rating), a subsidiary of Calumet Specialty Products Partners L.P. (B/Positive/--), based on preliminary terms and conditions. The 'BB-' senior secured rating (two notches above the corporate credit rating) and recovery rating of '1' indicate expectation of very high (90%-100%) recovery of principal in the event of a payment default. The facilities consist of a $385 million term loan, a $75 million delayed-draw term loan, and a $50 million prefunded LOC facility. The company's planned $375 million asset-based revolving credit facility has not been...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.,Calumet Lubricants Company, L.P.
Action: New Rating
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