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S&P gives Rain Calcining, CII, loan B, notes CCC+
Standard & Poor's said it assigned its B corporate credit rating on Rain Calcining Ltd. and its subsidiary, CII Carbon LLC.
The outlook is stable.
The agency noted that Rain Calcining has completed its takeover of CII and made it a wholly owned subsidiary.
At the same time, S&P said it assigned its issue and recovery ratings to a $395 million senior secured bank facility co-borrowed by both Rain Calcining and CII, adding that the senior secured facility is rated B with a recovery rating of 3.
The agency said it also assigned its CCC+ rating to the proposed $235 million senior subordinated notes due 2015 to be co-issued by CII and its subsidiary, CII Carbon Corp.
Proceeds from the proposed notes will be used to refinance the outstanding amount from a bridge loan that was put into place upon the closing of the acquisition of CII for $619 million by Rain Calcining in mid-2007, the agency added, noting that the rating on Rain Calcining and CII incorporate a view of the consolidated enterprise.
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