S&P assigns Cirsa notes B-

S&P said it assigned B- issue-level and 3 recovery ratings to Cirsa Enterprises’ planned €400 million of 5.5-year senior notes.

Cirsa plans to use the proceeds to repay its €55 million revolving credit facility issued in 2020 and partially redeem early its $495 million of 2023 notes.

Concurrently, S&P affirmed the B- ratings on Cirsa and its senior secured debt and the CCC rating on its €400 million payment-in-kind notes, issued by LHMC Finco 2. The agency also changed the outlook to stable from negative.

“The stable outlook reflects our view that Cirsa has sufficient liquidity to absorb near-term fluctuations in performance and that credit metrics will continue to improve over the next 12 months, with our adjusted leverage declining toward 7x together with meaningful FOCF generation approaching 3% of total adjusted debt by year-end 2022,” S&P said in a press release.

© 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.