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S&P rates McLaren notes B, revolver BB-
S&P said it assigned its B long-term corporate credit ratings to NMG Holdco Ltd. (renamed McLaren Group Ltd.). The outlook is stable.
At the same time, S&P assigned a B issue rating and 3 recovery rating to £370 million and $250 million senior secured notes, issued by NMG Finco plc (renamed McLaren Finance plc). This reflects S&P’s expectation of meaningful recovery (50%-70%; rounded estimate 60%) in the event of a payment default.
S&P said it also assigned a BB- issue rating and 1 recovery rating to a £90 million super senior revolving credit facility, with NMG Bidco Ltd. (renamed McLaren Holdings Ltd.) and McLaren Finance plc as borrowers. This reflects an expectation of very high recovery (90%-100%; rounded estimate 95%) in the event of a payment default.
S&P said the ratings are in line with the preliminary ratings assigned on July 5, 2017.
Instead of the proposed £525 million senior secured notes, the group issued two senior secured note tranches (£370 million and $250 million). Other than that, the final documentation does not depart from the material reviewed in July, S&P said.
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