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S&P rates Kirk loans, notes B-, notes CCC
S&P said it upgraded Kirk Beauty One GmbH and rated its new senior secured loans and notes B- with a 3 recovery rating and senior unsecured notes CCC with a 6 recovery rating.
Kirk Beauty raised a new 600 million term loan B, 1.305 billion of senior secured notes, a 170 million revolving credit facility and 475 million of subordinated payment-in-kind notes. The company also received a 220 million contribution from existing shareholders in the form of non-common equity.
Kirk Beauty used the proceeds to redeem its revolver due in February 2022, senior secured notes due July 2022, senior secured term loan due August 2022 and senior unsecured debt due July 2023. The agency withdrew the ratings of the repaid debt.
Kirks next bullet payment will be in 2026. At the closing of the transaction, the company had 192 million cash on balance sheet and the fully undrawn RCF, supporting the company's liquidity position.
The execution of the refinancing has resolved the group's short-term refinancing risk and improved liquidity, S&P said in a press release.
The outlook is negative.
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