Fitch rates Ardonagh notes B, CCC

Fitch Rating said it assigned expected B/RR3 ratings to Ardonagh Finco Ltd.’s planned €500 million and $500 million of senior secured notes. The agency also gave expected CCC/RR6 ratings to Ardonagh Group Finance Ltd.’s proposed senior unsecured notes.

Both issuers are ultimately owned by Ardonagh Midco 2 plc. Fitch concurrently affirmed Ardonagh Midco’s B- issuer rating and positive outlook.

Ardonagh plans to use its debt issuance proceeds, together with new U.S. dollar, euro and Australian dollar term loan Bs, to refinance all its senior unsecured PIK toggle notes and unitranche term loan B facilities and local facility in Australia.

“This should push out its debt maturities to 2031 and 2032 and improve the group's financial flexibility and capacity for organic deleveraging, further boosted by our expectation of positive FCF from 2025,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.