S&P gives B- to Oberthur loans

S&P Global Ratings said it assigned its B- issue rating with a 3 recovery rating to the proposed €2.4 billion senior secured debt package to be issued by Oberthur Technologies Group SAS.

This debt includes €2.1 billion of term loans and a €300 million revolving credit facility. Oberthur plans to use part of the proceeds to refinance its current senior debt, including outstanding senior secured term loans of €496.9 million, senior unsecured notes of €190 million, €50 million drawn from the current revolver of €88 million as of Sept. 30, 2016, and the transaction costs.

“We expect the current senior debt to be repaid once the refinancing takes place, at which point we would withdraw the existing issue and recovery ratings on the current debt,” S&P said in a news release.

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