Fitch assigns Gerflor B+, loans BB-

Fitch Ratings said it assigned Hestiafloor 2 (Gerflor) an expected long-term issuer default rating of B+ and a BB- rating with an RR3 recovery rating to its proposed term loan and revolver. The outlook is stable.

The B+ IDR reflects Gerflor's key capabilities in various flooring market segments, which has led to the group establishing a leading market position in Europe with extensive coverage of the resilient-flooring end-markets.

Gerflor is being acquired by Hestiafloor 2. The transaction will be funded with an €850 million of senior secured term loan B, with Hestiafloor 2 the original borrower, together with a total equity injection of €800 million. A €125 million revolving credit facility, expected to be undrawn at closing, will also be available.

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