S&P gives Phoenix Pharmahandel notes BB+

S&P said it assigned a BB+ rating to Phoenix Pharmahandel GmbH & Co. KG’s proposed senior unsecured notes, maturing 2025, to be issued via its subsidiary Phoenix PIB Dutch Finance BV.

The recovery rating is 4, reflecting the unsecured nature of the notes and their subordination to factoring, bilateral and asset-backed-securities facilities. S&P’s estimates recoveries are 30%-50% (rounded estimate: 45%). The issue rating is in line with those on Phoenix’s other senior unsecured debt, the agency said.

“The new debt is guaranteed by Phoenix and Phoenix International Beteiligungs GmbH and will extend the overall maturity of the company’s capital structure. This issuance will also improve the company’s liquidity profile by reducing refinancing risks and dependency on the revolving credit facility (RCF),” S&P said in a press release.

Upcoming maturities for the company are €200 million of senior unsecured notes due 2021 and the €1.25 billion of revolver due 2022.

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