PARIS (S&P Global Ratings) Sept. 9, 2021--S&P Global Ratings said today that France-headquartered SPCM S.A. (BB+/Stable/--), holding company of specialty chemicals producer SNF group, could issue $700 million of senior unsecured notes without materially affecting leverage metrics. The proposed issuance would extend the group's debt maturity profile and reduce interest expense, and it would be divided into two tranches maturing in 2027 and 2030. We understand SNF intends to use the proceeds to: Redeem the group's existing $500 million senior notes due 2025 in full; Fund cash to the balance sheet (€144 million); and Pay accrued interest (€11 million), call premium (€8 million), transaction costs, and other expenses (€6 million). The proposed notes would rank pari passu with all the
