Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers F > Headlines for Findus PIK SCA > News item |
S&P rates Findus notes CCC
Standard & Poor’s said it affirmed the B- long-term corporate credit rating on Lion/Gem Luxembourg 3 Sarl (Findus).
The agency also said it affirmed the B- rating on the existing cumulative £410 million-equivalent senior secured notes issued by subsidiary Findus Bondco SA.
The recovery rating on these notes is 4, indicating 30% to 50% expected default recovery.
S&P also said it assigned a CCC rating to the €200 million proposed payment-in-kind (PIK) notes to be issued by Findus PIK SCA. The recovery rating on these instruments is 6, indicating 0 to 10% expected default recovery.
The affirmation follows the proposal by Findus PIK, a newly established company and a wholly owned finance subsidiary of Findus, to issue PIK notes of €200 million due in 2019.
The ratings reflect a view that Findus will use the proceeds of the proposed issuance to refinance its high-interest bearing preferred equity certificates, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.