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S&P gives Lannis notes B
S&P said it assigned Lannis Ltd.’s planned £250 million senior secured bond a B rating with a 3 recovery rating (rounded estimated: 60%). Also, the agency gave the company’s amended £20 million revolver due 2025 a BB rating. Lannis is the parent of Iceland Foods.
Lannis plans to use the proceeds to redeem its remaining £200 million senior secured notes due July 2024 and its £20 million super senior term loan due in July. The remaining proceeds will strengthen subsidiary Iceland Foods’ recently acquired restaurant business, Individual Restaurant Co.
After the refinancing, Lannis will have the revolver due 2025, the senior secured notes May 2028 and £550 million of senior secured notes due July 2025.
The outlook is stable.
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