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S&P upgrades Deoleo
S&P said it upgraded Deoleo SA’s issuer rating to B- from SD as well as the issue ratings on the senior term loan to B- and the junior term loan to CCC from D, respectively. The agency also revised upward the recovery rating on the €160 million senior term loan to 3 from 4.
“The upgrade follows Deoleo’s successful debt restructuring, which we believe will allow it to operate with lower debt. As part of the agreement, Deoleo’s syndicated debt will reduce by €333 million, thanks to a debt-to-equity swap of €283 million and a capital increase of €50 million,” S&P said in a press release.
The restructuring process also extended Deoleo’s remaining debt for five-year bullet €160 million senior term loan and a six-year bullet €82 million junior term loan, S&P said.
The outlook is stable.
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