Orion Engineered Carbons Bondco Assigned Final 'B' Rating; Senior Secured Notes Rated 'B'; Outlook Stable Sep 11
Standard & Poors, September 2011
Abstract
Germany-based chemical company Orion Engineered Carbons Bondco GmbH confirmed in a recent trading statement the completion of the acquisition of Evonik Industries' carbon black activities. The company's capital structure is in line with our previous expectations, consisting essentially of -355 million and $350 million in senior secured notes. We are assigning a final corporate credit rating of 'B', as well as issue ratings of 'B' to the senior secured notes and 'BB-' to the supersenior $250 million revolving credit facility. The stable outlook factors in our more conservative base line EBITDA assumptions and related financial metrics, which allow for recent peak cycle EBITDA to decline as macroeconomic conditions worsen. PARIS (Standard & Poor's) Sept. 15, 2011--Standard & Poor's Ratings Services...
Companies mentioned in this report are: Orion Engineered Carbons Bondco GmbH,Evonik Industries
Action: Affirmed
Action: Outlook: Stable
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.
Orion Engineered Carbons Bondco GmbH,Evonik Industries
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