S&P rates HP Troplast, notes B-

S&P said it assigned preliminary B- ratings to HP Troplast GmbH and its proposed €330 million of senior secured notes due 2025, with a recovery rating of 4.

Troplast is the intermediate parent company of profine. The company also plans to issue a €40 million super senior revolving credit facility.

Proceeds will be used refinance profine’s capital structure.

The outlook is stable. “The stable outlook reflects our view that over 2020-2021 profine can improve its margins compared with 2019 and generate positive reported cash flow despite difficult economic conditions, thanks to significant operating efficiency initiatives and savings on raw material prices,” S&P said in a press release.

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