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S&P puts Boparan on positive watch
S&P said it placed the CCC+ ratings on Boparan Holdings Ltd. and Boparan Finance plc’s debt on CreditWatch with positive implications.
The placement follows Boparan reporting it agreed to sell its Fox’s branded biscuits business to Ferrero for £246 million.
“The transaction supports the group’s financial position because the £246 million of cash proceeds will likely be allocated to repay about £700 million of near-term debt due between March and July 2021 and reduce the group’s large pension deficit. Additionally positive is that the quantum of debt we estimate to be refinanced has decreased significantly to less than £500 million, which should facilitate the group’s access to capital markets,” S&P said in a press release.
From a business perspective, the agency described the deal as “rather neutral.”
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