FARMERS BRANCH (S&P Global Ratings) Jan. 27, 2021--S&P Global Ratings today raised its issue-level ratings on Pixelle Specialty Solutions LLC's first-lien credit facilities--including its $60 million revolving credit facility and $475 million term loan ($424 million outstanding as of Dec. 31, 2020)--to 'B+' from 'B'. The recovery rating is '2', reflecting our expectation of substantial (70%-90%; rounded estimate: 70%) recovery in the event of default. The rating action follows Pixelle's roughly $40 million prepayment on its term loan in December 2020. The company made the payment using proceeds from its insurance settlement payment related to the April 2020 explosion at its Maine plant. Spring Grove, Pa.-based Pixelle manufactures specialty- and non-specialty-grade papers. Specialty grades include engineered products, inkjet, book publishing,
