Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion - S&P Global Ratings’ Credit Research

Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion

Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion - S&P Global Ratings’ Credit Research
Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion
Published May 08, 2025
4 pages (1684 words) — Published May 08, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

In April 2025, Strategic Value Partners LLC and Blantyre Capital Ltd. acquired OQ Chemicals International Holding GmbH (OQ Chemicals), a Germany-based global producer and merchant of oxo chemicals which reinstated its name to OXEA. As part of the transaction, the two lenders? holding of the existing term loans have been equitized. Some capitalized fees for the lenders have also been waived and cancelled. While the transaction stabilizes the capital structure and reduces the financial leverage of the company, we view this transaction as distressed and tantamount to a default. Therefore, we lowered our long-term issuer credit rating on OQ Chemicals to ?D? (default) from ?CCC-?. We also withdrew our rating on the priority loan facility, which has been repaid as

  
Brief Excerpt:

...Ratings list Downgraded; Outlook Action To From OQ Chemicals Corp. (Delaware) OQ Chemicals Holding Drei GmbH OQ Chemicals International Holding GmbH Issuer Credit Rating D/-- ###-/Developing/-- Downgraded; Recovery Ratings Unchanged To From OQ Chemicals Holding Drei GmbH Senior Secured D ###- Recovery Rating 3(50%) 3(50%) Ratings Withdrawn To From OQ Chemicals Holding Drei GmbH Senior Secured ## ###+ Recovery Rating ## 1(95%)...

  
Report Type:

Research Update

Issuer
OQ Chemicals Corp. (Delaware)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion" May 08, 2025. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-OQ-Chemicals-Rating-Lowered-To-D-Default-On-Debt-Restructuring-Completion-3365845>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: OQ Chemicals Rating Lowered To 'D' (Default) On Debt Restructuring Completion May 08, 2025. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-OQ-Chemicals-Rating-Lowered-To-D-Default-On-Debt-Restructuring-Completion-3365845>
  
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