S&P rates Cerdia notes B-

S&P said it assigned B- rating to Cerdia and affirmed the B- long-term issuer credit rating on Cerdia's parent BCP VII Jade Topco (Cayman) Ltd.

Cerdia plans to extend its debt maturity profile by replacing its $610 million term loan and €65 million revolver due May 2023 with $600 million of senior secured notes maturing in 2027 and a €65 million super senior revolver maturing in 2026.

“We understand that $9 million of real estate proceeds and $12 million of cash from the balance sheet will also be used as part of the transaction. We believe this prompt refinancing will enable Cerdia to establish a long-term sustainable capital structure,” the agency said in a press release.

The outlook is stable.

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