S&P: Ontex notes, loan BB-

Standard & Poor’s said it assigned a BB- long-term corporate credit rating to Ontex Group NV, along with a BB- rating to its proposed €100 million revolving credit facility, €250 million senior secured notes and €380 million term loan A.

S&P also said it assigned a recovery rating of 4 to the proposed debt, reflecting 30% to 50% expected default recovery.

Ontex is simplifying its organizational structure and has created a new holding company, Ontex Group NV, above the existing Ontex IV SA, S&P said.

Ontex Group is now viewed as the new top company for the group, the agency said with the ratings equalized with Ontex IV.

Ontex is expected to use the senior secured notes and the term loan A to refinance all its existing debt, S&P said.

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