Fitch rates Lincoln Financing notes BB-

Fitch Ratings said it assigned an expected BB- rating to Lincoln Financing Sarl's proposed senior secured notes.

The agency also said it affirmed the long-term issuer default rating of the notes' guarantor, Lincoln Financing Holdings Pte Ltd. at BB- with a stable outlook.

LeasePlan Corp, NV's ratings are unaffected by this rating action, Fitch noted.

The €1.35 billion five-year floating- and fixed- senior secured notes will be issued by Lincoln Financing Sarl, a newly incorporated special purpose vehicle.

The notes will be guaranteed by Lincoln Financing Holdings.

The proceeds will be used to refinance €1.55 billion existing senior secured notes issued by Lincoln Finance Ltd. in March 2016 in connection with the acquisition of LeasePlan by a consortium of new owners.

Following the conclusion of the refinancing exercise and the redemption of Lincoln Financing's existing notes, Fitch said it will withdraw the issuer and issue ratings.

© 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.