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S&P rates new debt for Garfunkelux, lowers Lowell
Standard & Poor’s said it assigned a B+ long-term and B short-term issuer credit ratings to Garfunkelux Holdco 2 SA, the parent of Lowell Group Ltd.
Garfunkelux is an intermediate holding company owned by Permira funds, consolidating Garfunkelux Holdco 3 SA, special-purpose entities Garfunkel Holding GmbH and Simon Bidco Ltd. and primary operating companies GFKL Financial Services AG and Lowell.
S&P also said it lowered the long-term rating on Lowell to B+ from BB- and removed it from CreditWatch, where it was placed with negative implications in August.
The outlook is stable.
S&P also affirmed the long-term rating at B+ and short-term rating at B on wholly owned subsidiary Garfunkelux Holdco 3 and removed the long-term rating from CreditWatch negative.
The agency also said it assigned a BB rating to the proposed €200 million revolving credit facility issued by Garfunkel Holding and Simon Bidco with a recovery rating of 1, indicating 90% to 100% expected default recovery.
S&P also said it assigned a B+ rating to the proposed £555 million senior secured notes to be issued by Garfunkelux Holdco 3 with a recovery rating of 3, indicating 50% to 70% expected default recovery.
The agency also said it affirmed the existing B+ rating on the €365 million senior secured notes issued by Garfunkelux Holdco 3 and assigned a B- rating to the proposed £240 million senior unsecured notes to be issued by Garfunkelux Holdco 2 with a recovery rating of 6, indicating 0 to 10% expected default recovery.
S&P also said it lowered the ratings on the existing senior secured notes issued by Lowell Group Financing plc to BB- from BB and removed them from CreditWatch negative.
On Aug. 7, Permira announced that a company backed by the Permira funds agreed to acquire Lowell from majority shareholder TDR Capital and subsequently merge Lowell with another company in Permira’s portfolio – GFKL Financial Services AG.
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