Moody’s rates PQ incremental loan B1

Moody's Investors Service said it assigned a B1 rating to Sparta U.S. HoldCo LLC's (PQ Corp.) planned $70 million incremental delayed-draw senior secured first-lien term loan.

The B1 corporate family rating, B1-PD probability of default rating, B1 ratings on the $125 million senior secured revolving bank credit facility maturing 2026 and $750 million senior secured first-lien term loan due 2028 are unchanged, the agency said.

"The B1 rating assigned to the proposed term loan add-on reflects the strategic rationale for the use of proceeds to expand silicate production in an area that has further growth potential, albeit temporarily stretching leverage metrics," said Domenick R. Fumai, a Moody's vice president and lead analyst for Sparta U.S., in a press release.

The outlook is stable.

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