S&P rates Paternoster loans B, notes CCC+

Standard & Poor's said it assigned its B long-term corporate credit rating to Paternoster Holding III GmbH (Pater III), the parent company of Wittur International Holding GmbH.

The outlook is stable.

At the same time, the agency assigned its B issue rating to the €260 million senior secured facilities (comprising a €65 million revolving credit facility and a €195 million term loan), in line with the corporate credit rating. The facilities are issued by Paternoster Holding IV GmbH (Pater IV), an intermediate holding company between Pater III and Wittur. The recovery rating on these facilities is 3, indicating an expectation of meaningful recovery prospects in the higher half of the 50%-70% range.

S&P also assigned its CCC+ issue rating to the €225 million senior notes due in 2023 and issued by Pater III, two notches below the corporate credit rating. The recovery rating on these notes is 6, reflecting their unsecured status and subordination to the senior secured debt facilities.

S&P said the ratings incorporate the following finalized transaction details:

• Funds advised and managed by the private equity firm Bain Capital have acquired 100% of Wittur's share capital for approximately €620 million, including repayment of exiting net debt and fees and expenses. The transaction closed at the end of March 2015;

• Pater IV issued the €195 million seven-year floating-rate senior secured loan and the €65 million six-year revolver; and

• Pater III issued the €225 million eight-year fixed-rate senior notes.

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