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S&P rates Dayton Superior loan BB-
Standard & Poor's said it assigned a BB- bank loan rating and a recovery rating of 1 to the proposed $100 million senior secured first-lien term loan B of Dayton Superior Corp. The B corporate credit rating was affirmed.
The outlook is stable.
Proceeds from the proposed term loan, in addition to $65 million in borrowings under a new, unrated $150 million revolving credit facility, will be used to refinance the company's existing $165 million second-lien notes due September 2008.
The proposed refinancing will modestly reduce interest expense and somewhat enhance the company's overall liquidity position, the agency said, and S&P expects Dayton Superior to continue to benefit from good operating trends in its commercial and infrastructure end markets.
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