S&P rates Cirsa notes CCC+

S&P said it assigned a CCC+ rating to €375 million of senior secured payment-in-kind notes that will be sold by Cirsa Enterprises SLU parent LHMC Finco 2.

Cirsa will use the proceeds to fund a distribution to shareholders.

“Cirsa’s parent company will issue the notes, which will be PIK senior notes benefiting from a pledge on the shares of Cirsa but unguaranteed by any restricted group company. They will therefore be structurally subordinated to Cirsa’s senior secured notes in the event of a payment default or restructuring,” said S&P in a press release.

S&P also lowered its long-term issuer credit and issue ratings on Cirsa to B from B+.

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