S&P assigns Kleopatra notes B, CCC+

S&P said it gave Kleopatra Finco Sarl and its planned €400 million senior secured notes due 2026 a B rating. The agency also assigned Kleopatra Holdings 2 SCA’s proposed €325 million of senior notes due 2026 a CCC+ rating.

Both issuers are wholly owned units of Kleopatra Holdings 1 SCA, which the agency rates B.

Kleopatra Holdings 1 will use the proceeds together with proceeds from loans launched earlier this week to refinance its €1.4 billion term loan due June 2022 and €395 million payment-in-kind toggle notes due June 2023. The remaining proceeds will fund transaction fees and accrued interest.

The outlook is stable.

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