S&P assigns Parts Holding loan BB-

S&P said it assigned its BB- issue and 3 recovery rating to Parts Holding Europe SA's planned €580 million secured term loan B. The loan will be issued by Parts Europe SA, a subsidiary of PHE, and will be due in 2031.

The agency also revised the recovery rating on the group's senior secured instruments, rated BB-, to 3 from 4. The 3 rating indicates meaningful recovery prospects (50%-70%; rounded estimate: 50%). As part of the transaction, the group will extend the maturity of its €200 million senior secured revolving credit facility to 2030.

S&P said it expects PHE will use the loan to repay the €580 million of senior secured fixed-rate notes due 2025.

The outlook is stable.

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