S&P rates Amer Sports notes BB

S&P said it assigned BB issue and 3 recovery ratings to Amer Sports Co.’s new $600 million of senior secured notes, due 2031. The issuer is a subsidiary of Amer Sports Inc. The 3 recovery rating indicates meaningful recovery expectations in default (50%-70%; rounded estimate: 60%).

Amer Sports will use the proceeds, along with the net cash proceeds of its planned term loan B, also rated BB with a 3 recovery rating, of about €1.2 billion equivalent maturing 2031, to refinance its €1.7 billion term loan B, due 2026, and pay related transaction fees.

The outlook is stable.

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