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S&P puts Cornerstone Chemical on watch
S&P said it placed Cornerstone Chemical Co.’s ratings, including its B- issuer rating, on CreditWatch with negative implications.
The placement follows Cornerstone reporting an exchange of its $450 million 6¼% senior secured notes due Aug. 15, 2024, for $450 million of new 8¼% (plus an additional 2% paid-in-kind; PIK) senior secured notes due Aug. 15, 2027, the agency said.
However, S&P said it considers the compensation for the 6¼% notes to be adequate; however, however late-consenting noteholders may receive less compensation.
“The CreditWatch placement reflects that we would likely lower our ratings on Cornerstone if we do not view substantially all of the noteholders as having received adequate offsetting compensation for the exchange. We intend to resolve the CreditWatch placement as soon as we have further information on the company's progress regarding refinancing,” S&P said in a press release.
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