...+ DSM Sinochem Pharmaceuticals (DSP) is a manufacturer of active pharmaceutical ingredients with a leading position in the production of antibiotics, generating 440 million of revenues worldwide and 77 million of reported EBITDA in 2017. + Although the majority of revenues come from the production of antibiotics, the company's main competitive advantage is its technology-driven cost efficiency, combined with a track record of quality and environmental compliance. + Because of its buyout by equity sponsor Bain Capital in June 2018, DSP is refinancing its current capital structure. + We are assigning our preliminary 'B' long-term issuer credit rating to DSP. We are also assigning our preliminary 'B' issue rating to the proposed 75 million equivalent revolving credit facility and 335 million equivalent first-lien senior secured term loan B. + The stable outlook reflects our view that DSP's growth strategy, underpinned by volume growth in emerging markets, continued strong market share in regulated...
