S&P puts ZPG on watch

S&P said it placed on CreditWatch with negative implications its BB- long-term issuer credit rating on ZPG plc.

S&P affirmed its BB- issue rating on the group's £200 million 3¾% unsecured notes due 2023. The recovery rating is unchanged at 3, indicating expectations of average recovery (50%-70%; rounded estimate 50%) in the event of a payment default.

The CreditWatch placement follows an announcement by Zephyr Bidco Ltd., a wholly owned indirect subsidiary of funds managed by Silver Lake Management Co. V, LLC (Silver Lake), that it intends to acquire the entire issued and to-be-issued ordinary share capital of ZPG at 490 pence per ordinary share (approximately 30% premium).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.