S&P rates Lecta CCC+, facilities B-, notes CCC

S&P said it assigned Lecta Ltd. a CCC+ issuer rating. The agency also gave a B- rating to Lecta’s super senior facilities, comprising a €40 million revolving credit facility due 2022, and a €75 million term loan, due 2022. Also, S&P assigned a CCC issue rating to its €255.5 million of senior secured notes due 2025.

In July 2020, Lecta restructured its debt again. The group received a €50 million equity injection, raised €105 million of new debt, and wrote off its €100 million junior notes. “Although we view Lecta as highly leveraged, we believe its liquidity will be supported by its current cash balance,” S&P said in a press release.

The stable outlook reflects the expectation that Lecta will maintain sufficient liquidity during the next 12 months, S&P said.

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