S&P affirms Refresco on tap issue

S&P said it affirmed the preliminary B+ long-term issuer credit rating on Sunshine Mid BV, the new parent company of Refresco Group NV.

The outlook is stable.

The agency also said it affirmed the preliminary B+ rating on the proposed €1.970 billion senior term loan B facilities and €200 million revolving credit facility issued by Sunshine.

The recovery rating on these issues, which rank pari passu, is 3, indicating 50% to 70% expected default recovery.

The agency also said it affirmed the preliminary B- rating on the subordinated €445 million senior unsecured debt instruments issued by Sunshine.

The recovery rating of 6 indicates 0 to 10% expected default recovery.

The affirmations follow the launch of a public cash offer by Sunshine Investments BV for all the shares of Refresco, S&P explained.

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