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Calumet Specialty Products Partners L.P.'s $375 Million Senior Unsecured Notes Rated 'B'
- Published: April 2011
- Standard & Poors
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NEW YORK (Standard & Poor's) April 12, 2011--Standard & Poor's Ratings Services said today it assigned its 'B' issue rating (same as the corporate credit rating) to Calumet Specialty Products Partners L.P.'s proposed $375 million senior unsecured notes due 2019. The recovery rating on the notes is '3', indicating our expectation for meaningful recovery (50% to 70%) in the event of a payment default. Calumet plans to use the proceeds from the notes to repay all outstanding borrowings under subsidiary Calumet Lubricants Co., L.P.'s senior secured term loan facility due 2015. As of Dec. 31, 2010, about $367 million was outstanding. (For the complete recovery analysis, see Standard & Poor's recovery report on Calumet to be published on RatingsDirect following...
Companies mentioned in this report are: Calumet Specialty Products Partners L.P.
Action: New Rating
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Calumet Specialty Products Partners L.P.