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S&P rates Kaefer loan BB-
S&P said it rated Kaefer SE & Co. KGs new 650 million of syndicated loan facilities, with a three-year tenor plus extension options, BB- with a 3 recovery rating (65%). The facilities are part of a refinancing.
We view Kaefer's refinancing as credit neutral. In November 2022, Kaefer announced an early redemption of its 250 million notes, originally due in January 2024. The repayment was executed partly via cash (100 million) and partly through short-term consortium lending (150 million). On March 16, 2023, the group refinanced its short-term lending with a new 150 million term loan. Simultaneously, the previous revolving credit line of 150 million and guarantee facilities of 350 million (originally maturing in July 2023) were also refinanced with a new revolving credit line and guarantee facilities of the same size, S&P said in a press release.
The agency concurrently affirmed Kaefers BB- ratings.
The outlook is stable.
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