S&P rates Perenti notes BB

S&P said it rated Perenti Finance Pty Ltd.’s planned five-year $350 million of senior unsecured notes BB with a 3 recovery rating. The 3 rating indicates average (50%-70%; rounded estimate: 50%) recovery prospects in default.

The issuer is the financing unit of Perenti Ltd., which will guarantee the notes and is rated BB.

Perenti will use the proceeds to repay $230 million of its $432.8 million senior notes due 2025, which are also rated BB with a 3(55%) recovery rating. The rest will be allocated toward partially repaying balances drawn under its syndicated debt facilities.

The outlook is stable.

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