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S&P rates Peer Holding/Action loans BB-
S&P said it assigned its BB- issue-level and 3 recovery ratings to Peer Holding III BV's proposed €500 million revolving credit facility due June 2028. The instrument will replace the company's existing €125 million revolver.
Peer Holding III, a parent to value retailer Action, is seeking to proactively manage its debt maturities and increase its revolver to a size commensurate with the much larger business, S&P said.
In addition to the new revolver, the group has proposed amending its term loan B, which has €2.285 billion outstanding and is due to mature in March 2025, by extending the maturity of at least €1.5 billion to September 2028. The new tranche is also rated BB- with a 3 recovery rating, in line with the existing debt.
“If it is completed as suggested, we consider the proposed refinancing plan to be leverage neutral and anticipate that liquidity will remain adequate,” S&P said in a news release.
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