S&P rates Continental Building loans BB+

S&P said it assigned a BB+ rating to Continental Building Products Operating Co. LLC's proposed senior secured facilities.

The recovery rating is 1, indicating 90% to 100% expected default recovery.

The company is a subsidiary of Continental Building Products Inc., S&P said.

The $275 million proceeds of the new first-lien term loan B will be used refinance the existing $272 million balance on its first-lien term loan B credit facility.

The company also will obtain a new $75 million senior secured revolving credit facility that will replace the existing $50 million revolver, the agency said.

The borrower of the term loan is Continental Building Products Operating and the borrowers of the revolver are Continental Building Products Operating and Continental Building Products Canada Inc.

The company’s BB- corporate credit rating and positive outlook are unchanged.

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