S&P upgrades Keter

S&P said it raised its ratings on Keter Group BV and its €102 million revolver and €1,205 million term loan B to CCC+ from CCC. The recovery rating on the instruments remains at 3, with recovery prospects in the 50%-70% range (rounded estimate: 55%).

Keter is expected to finish its amend and extend transaction for its credit facilities soon. The company and lenders extended the maturities of the senior and PIK facilities by 17 months, while at the same time, Keter raised a new super senior €50 million bridge facility maturing in December 2024, which is available for use until the end of September and at the date remains undrawn.

“The upgrade follows Keter's successful completion of the A&E transaction with regard to its senior and PIK facilities, while the strategic sale of Keter is still ongoing. The A&E transaction is expected to be completed shortly with 100% consent from lenders (less than 2% of lenders signed neither the company's consent request nor lock-up agreement and were accordingly "snoozed"),” S&P said in a press release.

Keter remains on CreditWatch with developing implications, where it was placed on March 15.

© 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.