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S&P rates Primo notes B
S&P said it assigned its B issue-level rating and 4 recovery rating to Primo Water Holdings Inc.’s proposed €450 million of senior unsecured notes. The 4 recovery rating indicates expectations for modest (30%-50%; rounded estimate: 40%) recovery in the event of a default.
The proceeds will be used to refinance Primo Water Corp.’s €450 million of senior unsecured notes maturing in 2024.
“We view the proposed transaction to be leverage neutral and debt to EBITDA will remain close to 5.2x based on last 12 months to June 30 EBITDA (on an S&P Global Ratings’ adjusted basis),” S&P said in a press release.
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