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TEXT-S&P: Nexeo Solutions ratings unchanged on loan facility proposal
October 5, 2012 / 4:56 PM / 5 years ago

TEXT-S&P: Nexeo Solutions ratings unchanged on loan facility proposal

Oct 5 - Standard & Poor's Ratings Services said today that its 'B'
issue-level and '5' recovery rating on The Woodlands, Texas-based chemicals and
plastics distributor Nexeo Solutions LLC's term loan remains unchanged following
the company's proposal to increase the term loan to $525 million from $325
million. All of our other ratings on Nexeo, including the 'B+' corporate credit
rating, also remain unchanged. The outlook is stable.

Nexeo will use the proceeds to repay outstanding borrowings under its 
asset-based revolving (ABL) credit facility and for general corporate purposes.

The '5' recovery rating on Nexeo's term loan indicates our expectation of a 
modest (10% to 30%) recovery in the event of a payment default. For the 
complete recovery analysis, see Standard & Poor's recovery report on Nexeo to 
be published later on RatingsDirect.

For the latest complete corporate credit rating rationale, see Standard & 
Poor's summary analysis, "Nexeo Solutions LLC," published Sept. 13, 2012.

Ratings List

Ratings Unchanged

Nexeo Solutions LLC
 Corporate credit rating       B+/Stable/--

 $525mil. Sr Secd term loan B 
 due 2018                      B
  Recovery rating              5
 Subordinated                  B-
  Recovery rating              6

 Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left 

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