S&P rates Karlou notes B+

S&P said it assigned B+ ratings on Karlou BV, along with a B+ rating on its notes.

The stable outlook on Karlou mirrors that on GeoProMining Investment (CYP) Ltd.

Karlou, a 100%-owned subsidiary of GeoProMining Investment, will issue senior unsecured notes to refinance its existing debt.

The notes will not be structurally or contractually subordinated following the repayment of existing bank debt.

S&P said it rates Karlou in line with GeoPro because it is considered it to be a core entity of the group.

GeoPro will use the proceeds to repay the majority of the $250 million of currently outstanding debt, the agency said.

This transaction should extend the group's maturity profile while providing additional liquidity to the group, S&P said.

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