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S&P gives Block notes BBB
S&P said it gave a BBB rating to H&R Block Inc. subsidiary Block Financial LLC's planned $500 million of senior unsecured notes. H&R Block will guarantee the notes.
The proceeds are expected to be used to refinance its $500 million of 5.5% senior unsecured notes due in November 2022.
“We expect the company to initially hold the cash proceeds on its balance sheet and pay off its November 2022 notes at the par call date in early 2022. We will withdraw our ratings on the November 2022 notes once repaid,” S&P said in a press release.
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