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S&P rates Axactor notes B
S&P said it gave its B issue rating to Axactor SE’s planned €300 million of senior unsecured bond due in 2026.
The company plans to use the proceeds to repay the amounts outstanding on its bond held by Axactor's largest shareholder Geveran Trading Co Ltd. (€140 million) and different loan facilities at Axactor's Italian facility, about €40 million as of second-quarter 2021. Any remaining amount will be used for general corporate purposes. The agency said it expects these funds to be invested in debt portfolios or to reduce the outstanding volume on Axactor’s revolver.
The outlook is stable.
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