| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Alu Holdco 1 Ltd. > News item |
S&P rates Feather Bidco facilities B, CCC+
S&P said it affirmed its B long-term corporate credit rating on Alu Holdco 1 Ltd., the parent company of Corialis Group.
At the same time, the agency assigned its preliminary B long-term corporate credit rating to Feather Bidco Ltd., the issuer of the group's proposed first- and second-lien debt.
The outlook is stable.
S&P also affirmed its B issue rating on the group's existing first-lien senior secured facilities issued by Alu Holdco 2 Ltd., which include a €320 million term loan B, €20 million revolving credit facility and €40 million capex facility. The recovery rating is 3, indicating an expectation of meaningful (50%-70%) recovery in the event of a payment default.
The agency affirmed its CCC+ issue rating on the group's €105 million second-lien loan, also issued by Alu Holdco 2. The recovery rating is 6, indicating an expectation of negligible (0%-10%) recovery in the event of a payment default.
In addition, S&P assigned a B issue rating to the group's proposed first- and second-lien senior secured facilities, to be issued by Feather Bidco. These include a new €125 million revolver and a €505 million term loan B. The recovery rating instruments is 3.
Finally, the agency assigned a CCC+ rating to the group's proposed €130 million second-lien loan facility, to be issued by Feather Bidco. The recovery rating is 6.
“Corialis is a leading aluminum profile manufacturer in its core markets of the U.K., France, Belgium, and Poland,” S&P said in a news release.
“It also has a growing presence in the rest of Europe. Demand in Corialis' main markets remains robust, supported by good pricing conditions.
“We anticipate that overall sales will grow by about 8% to 9% in the financial year ending Dec. 31, 2017.”
© 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.