S&P rates Peer Holding loan B+

S&P said it assigned a B+ rating with a 4 recovery rating to a proposed €625 million term loan B to Peer Holding III BV.

Proceeds will be partly used to fund a €750 million shareholder distribution.

Peer is the holding company for retailer Action.

“While the proposed dividend recapitalization will increase total reported debt to about €2.9 billion by the end of 2019, we also see impressive operating performance for the year, with close to 20% sales growth backed by over 200 store openings and about 5% like-for-like sales growth,” said S&P in a press release.

S&P affirmed its B+ ratings on the company and its senior secured debt ratings.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.