S&P assigns B to Verisure notes

S&P said it assigned its B rating to Verisure Holding AB's planned issuance of €450 million of senior secured notes due 2028. The recovery rating is 3, indicating meaningful recovery (50%-70%; rounded estimate 60%) in default.

Verisure primarily plans to use the proceeds to repay drawings on its revolving credit facility; at the end of the third-quarter 2022, €408 million was drawn. Any remaining amount will be used to fund cash on the balance sheet and pay the transaction fees relating to the issuance of the notes.

“The transaction is mostly debt for debt, and therefore it does not affect our B issuer credit rating or stable outlook on Verisure,” S&P said in a press release.

The outlook is stable.

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