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S&P gives EaglePicher loan BB-
Standard & Poor's said it assigned its BB- rating to EaglePicher Corp.'s proposed $220 million senior secured first-lien credit facilities.
The agency said it also assigned a 1 recovery rating, indicating a very high expectation of recovery in the event of payment default.
At the same time, S&P said it affirmed its B corporate credit rating on EaglePicher.
The outlook is stable.
The agency noted that the first-lien facilities consist of a $70 million revolving credit and a $150 million term loan, and the company is borrowing $70 million under a secured second-lien facility that will not be rated.
The ratings on EaglePicher reflect its aggressive financial profile, characterized by high financial leverage, weak cash flow protection and a vulnerable business position due to challenges in serving the troubled North American auto industry, S&P said.
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