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S&P: D.E. Master, Oak Leaf on positive watch
Standard & Poor’s said it placed the B+ corporate credit and issue ratings on D.E Master Blenders 1753 NV and its holding company, Oak Leaf BV, on CreditWatch with positive implications.
The CreditWatch placement follows the assignment of a preliminary BB corporate credit rating to Charger OpCo BV, a company set up to raise funds for the intended partnership of Mondelez International and D.E. Master, S&P said.
The partnership, which was announced in May, will combine Mondelez International’s wholly owned coffee portfolio outside of France with D.E. Master, the agency said.
Charger OpCo is raising €7.6 billion of debt to refinance the existing €2.9 billion of debt at D.E. Master’s holding company Oak Leaf and to pre-finance about €4 billion to be paid to Mondelez International on completion of the transaction, S&P said.
The CreditWatch will be resolved on successful completion of the refinancing transaction, which is anticipated in three months, the agency said.
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