S&P assigns AgroFresh facilities B

S&P said it assigned a B rating with a 2 recovery rating to AgroFresh Inc.’s planned $300 million of senior secured credit facilities consisting of a $275 million term loan and a $25 million revolver. The 2 recovery rating indicates the agency’s expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default.

The company also plans to sell $150 million of convertible preferred equity.

AgroFresh will use the proceeds to refinance its capital structure.

S&P said it affirmed its ratings on AgroFresh and removed them from CreditWatch following the company’s announcement about the refinancing.

The outlook is stable.

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