S&P lowers L1R HB Finance

S&P said it lowered all its L1R HB Finance Ltd. ratings, including its term loans, to CC from CCC+.

L1R, the parent of Holland & Barrett, reported a tender offer to buy all or part of its outstanding senior secured debt, comprising a £450 million facility B1 loan, a €415 million facility B2 loan, and a £75 million revolving credit facility at significantly below par value.

S&P said it considers the offer distressed and the equivalent of default because lenders will get less than they were originally promised; but absent the offer, a conventional default is a real possibility.

The outlook is negative.

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