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S&P cuts Cirsa parent’s notes to D
S&P said it downgraded payment-in-kind notes of LHMC Finco 2 Sarl to D from CCC. The company is the parent of Cirsa Enterprises SLU.
Blackstone Group, owner of Cirsa, bought about €120 million face value of LHMC’s outstanding €400 million PIK notes, at a deep discount of their face value.
“We view the purchases as distressed – rather than opportunistic – because the purchase of the notes (performed by a Blackstone affiliate anonymously via a broker) was at a deep discount of the par value at which the instrument was raised and the purchase accounted for a significant portion of the notes. At the time of the transactions, the issue rating on the PIK notes was CCC+, which we then lowered to CCC,” S&P said in a press release.
The B- ratings on Cirsa and its debt are unchanged, S&P said.
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