CHICAGO (Standard&Poor's) March 15, 2016--Standard&Poor's Ratings Services said today that the 'B' rating on Stamford, Conn.-based Parfums Acquisition Co. Inc.'s upsized $290 million senior secured term loan due 2022, which includes its new $40 million add-on, is unchanged. The recovery rating on the senior secured term loan is unchanged at '3', although we revised the expectation of recovery value in the event of payment default to the high end of the 50%-70% range from the low end. We expect the proceeds of the incremental senior secured term loan to partially fund the acquisition of a cosmetics company. The ratings are subject to change and assume the transaction is closed on substantially the terms presented to us.
