Fitch gives Koks notes B

Fitch Ratings said it assigned Koks' loan participation notes due in 2025 an expected senior unsecured B rating and an RR4 recovery rating. The LPNs will be sold by special purpose vehicle IMH Capital DAC, which will provide a loan to Koks.

The proceeds will mainly be used to redeem Koks' 2022 notes, issued by Koks Finance DAC.

Fitch rates Koks B with a stable outlook. The notes will rank pari-passu with Koks' senior unsecured debt and will be guaranteed by all main operating entities of the group, which represent nearly 100% of EBITDA and nearly 81% of total assets, the agency said.

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