Federal-Mogul LLC#s Proposed Euro 300 Million Fixed-Rate Senior Secured Notes Rated #B-# (Recovery Rating: #4#)

Stocks and Financial Services Press Releases Thursday June 22, 2017 16:46
NEW YORK--22 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 22, 2017--S&P Global Ratings today assigned its 'B-' issue-level rating and '4' recovery rating to Michigan-based Federal-Mogul LLC's proposed €300 million fixed-rate senior secured notes due 2024. Federal-Mogul Financing Corp. is a co-issuer of these notes. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 40%) recovery for secured lenders in the event of a payment default.

The company plans to use the proceeds from this offering to repay part of its tranche C term loan due 2021 and pay associated fees and expenses.
The proposed notes will rank pari passu in right of payment with all of Federal-Mogul's existing and future senior indebtedness and will have access to the same collateral as the company's term loan facility.
All of our other ratings on Federal-Mogul, including our 'B-' corporate credit rating, remain unchanged.

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