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S&P rates EG Group facilities B
S&P said it affirmed the B long-term corporate credit rating on EG Group Ltd.
The outlook is stable.
At the same time, the agency assigned a B issue rating to the proposed senior secured facilities issued by EG Finco Ltd. The facilities comprise a £250 million revolving credit facility, a £400 million term loan B, a $500 million term loan B split in two tranches of $315 million and $185 million and an additional 1.985 billion term loan B split in three tranches of 990 million, 250 million and 745 million.
The 3 recovery rating reflects an expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of payment default.
S&P also affirmed the B issue rating on EG Group's existing senior secured facilities.
The affirmation reflects our view that EG Group's recently announced acquisitions and the proposed refinancing of the capital structure will not materially weaken its adjusted credit metrics, despite increasing debt, the agency said in a news release.
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