Fitch assigns B+ to Techem loan

Fitch Ratings said it assigned expected B+/RR3 (67%) ratings to Techem Verwaltungsgesellschaft 674 mbH's expected amendment and extension of its senior secured term loan B for up to €1.5 billion.

The agency also affirmed Techem’s B issuer rating, the B+/RR3 ratings on its senior secured debt issued through Techem Verwaltungsgesellschaft 675 mbH and the CCC+/RR6 (0%) ratings on its 6% senior unsecured notes due 2026.

The proceeds will partially extend the upcoming maturities. About €2.3 billion of senior secured debt and a €275 million revolving credit facility mature in 2025. The company plans to extend the outstanding €1.145 billion TLB and use the rest to partially repay the outstanding €1.145 billion of senior secured notes. “Fitch expects this transaction to be the first leg of a comprehensive refinancing to be completed in 2024,” the agency said in a statement.

The outlook is stable.

© 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.