Fitch gives Laboratoire Eimer notes CCC+

Fitch Ratings said it assigned Laboratoire Eimer’s €250 million of planned senior unsecured notes an expected senior unsecured rating of CCC+/RR6, as part of a broader refinancing of the group’s debt.

Laboratoire Eimer is the top entity that indirectly owns the French lab testing group CAB.

“We view the announced refinancing overall as rating neutral. We view the intention to increase total debt by around €180 million as credit dilutive, as the new senior secured and senior unsecured debt will be used to partly refinance the term loan B (TLB), redeem the second lien tranche and a PIK note, which was issued outside the rating perimeter,” Fitch said in a press release.

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