S&P rates Westway loan BB-

Standard & Poor's said it assigned a preliminary BB- rating to Westway Group LLC's proposed $270 million senior secured term loan B due 2020 and a $30 million revolving credit facility due 2018.

The agency also assigned a preliminary 3 recovery rating to the senior secured debt.

The outlook is stable.

The proposed debt structure will consist of a five-year $30 million revolving credit facility and a seven-year $270 million term loan with 1% mandatory annual amortization payments and a 100% cash sweep with step-downs based on total net leverage, S&P said.

The facilities are secured by a perfected first-lien on all of the equity interests of Westway and substantially all assets related to its operating subsidiaries, the agency said.

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