Fitch rates ContourGlobal notes BB

Fitch Ratings said it gave ContourGlobal plc’s planned euro-denominated senior secured notes an expected BB rating. The notes will be issued by financing subsidiary ContourGlobal Power Holdings SA and guaranteed by the parent.

Fitch also affirmed ContourGlobal’s BB- issuer rating and stable outlook after the company reported acquiring a portfolio of gas-fired and combined heat and power assets in the U.S. and Trinidad and Tobago for $837 million.

Proceeds will be used to refinance its €450 million of notes due 2023 and to partially finance the acquisition.

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