New York, July 20, 2016 -- Moody's Investors Service, ("Moody's") affirmed Vantage Specialties Chemicals, Inc. B2 corporate family rating (CFR) and B2-PD probability of default rating (PDR) following its July 20th announced acquisition of ICV Mallet Holding, Inc., parent company to Mallet and Company, Inc. ("Mallet"). Moody's assigned B2 ratings to the amended and extended $60 million revolving credit facility due August 2019 and $386.5 million senior secured first lien term loan due February 2021, which was upsized from $301.5 million (balance as of March 31, 2016). Additionally, Moody's assigned a Caa1 rating to Vantage's new $40 million second lien term loan due February 2022. Vantage will use the added debt to finance the acquisition of Mallet from its current private equity owner ICV Partners. The transaction is expected to close in early August. The outlook is stable.

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