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Fitch rates ASDA notes BB
Fitch Ratings said it assigned Bellis Acquisition Co. plc's (ASDA Group) new planned senior secured notes an expected rating of BB with a recovery rating of RR2, which is aligned with its existing senior secured debt.
Fitch also affirmed the BB expected rating with a recovery rating of RR2 assigned on April 23 to the new £900 million-equivalent planned term loans B.
The launched new £1.75 billion senior secured notes will rank pari passu with ASDA's other senior secured debt, including the new term loans that were launched last week.
“We expect all proceeds to be applied to repay existing debt, in addition to around £320 million repayment from cash on balance sheet,” the agency said in a news release.
“Debt reduction from cash on its own improves EBITDAR leverage in 2024, but the positive impact is offset by our review of the treatment of the Walmart instrument as debt because its redemption date in 2028 will be ahead of the maturity date for new refinanced debt.”
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