S&P assigns BB- to Minerva Luxembourg notes

S&P said it assigned its BB- issue-level rating to Minerva Luxembourg SA's proposed senior unsecured notes due 2028. S&P also assigned the recovery rating of 3 to the proposed note, which indicates a meaningful recovery expectation of 50%-70% (rounded 50%).

The parent company, Minerva SA (BB-/stable/--), will fully and unconditionally guarantee the notes, and use the cash proceeds primarily to tender around $250 million of the 2023 notes (which will become callable in January 2018) and any remainder to prepay other short-term debt maturities, reducing overall cost of debt and extending its debt maturity profile.

“We don't expect the company's capital structure to significantly change, therefore, the premises of our recovery analysis from our last review on June 7, 2017, are not affected,” S&P said in a news release.

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