S&P rates Cyanco loan B

S&P said it assigned B issue-level and 3 recovery ratings to Cyanco Intermediate 2 Corp.'s planned $420 million first-lien senior secured term loan B due 5 years from the closing date.

The B ratings on Cyanco and its other loans are unchanged, the agency said.

The company will use the proceeds to refinance its term loan due March 2025. Cyanco is also extending the maturity of its $50 million senior secured revolving credit facility to within 91 days of the maturity date of the new term loan.

“Once the transaction closes and the company repays the existing term loan, we expect to withdraw our ratings on the debt,” S&P said in a press release.

The outlook is stable.

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