...+ U.S.-based PMHC II Inc., the parent company of Prince International Corp. and Prince Erachem International Corp., is being acquired by financial sponsor American Securities for an enterprise value of $915 million. + In conjunction with this acquisition, PMHC II is issuing an $85 million revolving credit facility due 2023, a $505 million first-lien term loan due 2025, and a $160 million second-lien term loan due 2026. + We are assigning our 'B-' corporate credit rating to PMHC II. The outlook is positive. + At the same time, we are assigning our 'B-' issue-level rating to the company's revolving credit facility and first-lien term loan, and our '###+' issue-level rating to the company's second-lien term loan. The recovery ratings are '3' and '5', respectively. + The positive outlook reflects our expectation that PMHC II's increased exposure to higher-margin specialty chemicals products, coupled with robust steel and construction markets and a recovering oil and gas market, should allow...
