S&P rates Averys loans B, CCC+

S&P said it affirmed its B long-term issuer credit rating on Financiere EFEL and assigned its preliminary B long-term issuer credit rating to Optimus Bidco, the holding company of Averys SA. The outlook is stable.

At the same time, S&P said it assigned a preliminary B issue rating to the €400 million first-lien term loan issued by Optimus Bidco, with a 3 recovery rating, indicating an expectation of average recovery (rounded estimate: 60%) in the event of a default.

S&P assigned a preliminary CCC+ issue rating to the €85 million second-lien term loan issue by Optimus Bidco, with a 6 recovery rating, indicating an expectation of zero recovery in the event of a payment default.

“We expect the transaction to close in the third quarter of 2018, at which time we will withdraw our B issuer credit rating on Financiere EFEL, the current holding company of Averys and issuer of outstanding debt,” S&P said in a news release.

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