...September 15, 2020 PARIS (S&P Global Ratings) Sept. 15, 2020--S&P Global Ratings said today that France-headquartered chemicals producer SPCM S.A. (##+/Stable/--) would not materially affect the group's leverage metrics by issuing 700 million of senior unsecured notes. In addition, the proposed issuance would extend the group's debt maturity profile. It would be divided into two tranches maturing in 2026 and 2029. SPCM intends to use the proceeds to: - Redeem the 550 million senior notes due 2023 in full; - Pay down the drawings under the existing RCF together with cash on balance sheet; and - Pay the transaction fees and expenses. The proposed notes will rank pari passu with all the group's existing and future senior unsecured debt. Our '##+' issue rating and '3' recovery rating (55%) on the group's senior unsecured debt, including the proposed issuance, therefore remains unchanged. These ratings reflect the notes' unsecured nature and their structural subordination to the debt at operating...
