S&P revises L1R HB view to negative

S&P said it revised the outlook for L1R HB Finance Ltd., the parent of Holland & Barrett, to negative. L1R amended its credit pact so its owner LetterOne could buy H&B debt on a bilateral basis instead of a mandatory tender.

“The negative outlook reflects our view that, unless H&B’s performance markedly improves, its capital structure could become unsustainable or LetterOne may purchase H&B’s debt at significantly less than par value within the next 12 months,” said S&P in a press release.

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