...+ Ohio-based Polymer Additives Holdings Inc. (d/b/a Valtris Specialty Chemicals Inc.), a global manufacturer of specialty chemicals primarily used as additives in the production of plastics, plans to issue approximately $405 million in term loans (first and second lien) to refinance existing debt and to finance its potential acquisition of certain INEOS assets. The company also plans to establish a $60 million revolving credit facility (RCF). + We are assigning a 'B-' corporate credit rating to Valtris. + We are also assigning our 'B' issue-level and '2' recovery ratings to the company's proposed RCF and $300 million first-lien term loan. In addition, we are assigning our '###+' issue-level and '5' recovery ratings to the company's proposed $105 million second-lien term loan. + The stable outlook reflects our expectation that the company will continue to increase its volumes as it integrates the INEOS acquisition assets. We expect that organic growth going forward will be minimal, along...
