S&P raises Optigroup loan to B+

S&P said it raised Optigroup AB’s (Unique Bidco AB) term loan to B+ from B and revised the recovery rating on the debt to 2 from 3.

The upgrade follows OptiGroup paying down its first-lien term loan to €365 million from €565 million, which included the €50 million delayed-draw tranche, with proceeds from a €200 million privately placed second-lien term loan, the agency noted.

“The 2 recovery rating indicates our expectation of substantial recovery (70%-90%; rounded estimate: 85%) in the event of a payment default or bankruptcy. The improvement in recovery prospects reflects the lower amount of first-lien debt and material second-lien debt cushion now in place in the capital structure,” S&P said in a press release.

S&P also affirmed Optigroup’s B issuer rating.

The outlook is stable.

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