- Language: English
- Published: June 2005
- Region: United States
Recovery Report: PQ Corp.'s Recovery Rating Profile May 11
- Published: May 2011
- Standard & Poors
We have updated our recovery analysis on specialty chemical producer PQ Corp. to reflect about $245 million of first lien debt paydown in conjunction with the contemplated separation of Potters, a division of PQ Corp., into a stand-alone company. The issue-level and recovery ratings on the company's senior secured first-lien and second lien credit facilities remain unchanged (see table 1 below). Our recovery analysis incorporates a simulated default scenario, caused by a combination of factors that lead to significant volume and pricing pressures from deterioration in the company's end-markets. Our recovery analysis reflects the outstanding pro forma capital structure consisting of: a $200 million revolving credit facility due 2013, a $860 million first lien term loan due 2014, and a...
Companies mentioned in this report are:
- PQ Corp.
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