Milacron Looking-for $190 Million of Loans
According to Standard & Poor’s the provider of plastics-processing technologies, precision machining and metalworking fluids Milacron Holdings Inc., is seeking $190 million of loans to refinance debt.In a report on Monday New York-based analysts Gregoire Buet and Carol Hom said that The Batavia Township-based company plans to raise a $50 million revolving credit line maturing in 2016 and a $140 million term loan due 2017.
Gregoire Buet and Carol Hom said that Avenue Capital Group, the owner of Milacron and its proposed term loan have a preliminary B rating. According to an August 24, 2009, statement the company completed its exit from failure after being bought by DDJ Capital Management LLC and Avenue Capital.Buet and Hom said in the report that the company’s business risk profile as vulnerable in spite of its well-established market position in India and North America. The company should to gradually improve its financial metrics following its proposed return of capital to its shareholders because positive demand trends.
In Chapter 11 protection it conduct about 80 percent of its debt and in exit financing as well as a $55 million revolver and got a $75 million second-lien term loan. chief financial officer of Milacron John Francy didn’t directly reply a telephone message at his office search comment.