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S&P rates Findus notes CCC
Standard & Poor’s said it affirmed the B- long-term corporate credit rating on Lion/Gem Luxembourg 3 Sarl (Findus).
The agency also said it affirmed the B- rating on the existing cumulative £410 million-equivalent senior secured notes issued by subsidiary Findus Bondco SA.
The recovery rating on these notes is 4, indicating 30% to 50% expected default recovery.
S&P also said it assigned a CCC rating to the €200 million proposed payment-in-kind (PIK) notes to be issued by Findus PIK SCA. The recovery rating on these instruments is 6, indicating 0 to 10% expected default recovery.
The affirmation follows the proposal by Findus PIK, a newly established company and a wholly owned finance subsidiary of Findus, to issue PIK notes of €200 million due in 2019.
The ratings reflect a view that Findus will use the proceeds of the proposed issuance to refinance its high-interest bearing preferred equity certificates, the agency said.
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