S&P gives Capri, facilities B-

S&P said it assigned a preliminary B- long-term corporate credit rating to Capri Acquisitions Bidco Ltd. and assigned a preliminary B- issue-level rating to its proposed £860 million (sterling equivalent) secured term loan and £80 million secured revolving credit facility.

The 3 recovery rating reflects an expectation of meaningful recovery prospects in the event of a payment default (50%-70%; rounded estimate 60%).

The outlook is stable.

Capri is the acquisition entity for CPA Global, which received an offer to be acquired by financial sponsors led by Leonard Green & Partners and Partners Group.

“The final ratings will depend on our receipt and satisfactory review of all final transaction documentation,” the agency said in a news release.

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