S&P gives Armacell loans B, CCC+

Standard & Poor's said it assigned its preliminary B corporate credit rating to Armacell International Holding GmbH.

The outlook is stable.

At the same time, the agency assigned preliminary B issue ratings and 3 recovery ratings to the company's proposed $65 million revolving credit facility and $340 million first-lien term loan.

S&P also assigned a preliminary CCC+ issue rating and 6 recovery rating to the proposed $85 million second-lien term loan.

Private equity firm Charterhouse Capital Partners is acquiring Armacell from Investcorp.

S&P said the preliminary ratings on Armacell reflect its assessment of the company's business risk profile as "fair" and financial risk profile as "highly leveraged."

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