U.S. specialty chemicals producer Rockwood Specialties Group Inc. is seeking commitments for a new $350 million senior secured term loan. The company expects to use the proceeds, along with cash on the balance sheet, to pay down existing senior subordinated debt. We are raising our corporate credit rating on Rockwood to 'BB+' from 'BB' to reflect the company's strengthened leverage-related metrics and our expectations that it will be able to at least maintain current financial performance. We are assigning '2' recovery ratings and 'BBB-' issue ratings to the company's proposed debt, and revising the recovery rating on existing senior secured debt to '2' from '1'. We will withdraw our ratings on the subordinated debt following the close of the proposed...
Companies mentioned in this report are: Rockwood Specialties Group Inc.
Action: New Rating
Action: Outlook: Stable
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Research type: News
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