Fitch rates Lannis notes B+

Fitch Ratings said it gave an expected B+ rating to Lannis Ltd.’s (formerly Iceland Topco Ltd.) planned £250 million senior secured bond.

Fitch also affirmed Lannis’ B issuer default rating, B+/RR3 senior secured instrument rating for Iceland BondCo plc’s bonds and stable outlook.

The new bond will share the same guarantors and rank equally with its other senior secured instruments, but will be subordinated to £20 million super senior revolving credit facility. Fitch said the final rating depends upon completing the offering, prepayment of £170 million notes due in 2024 and the final terms and conditions being in line with information received.

“The rating headroom under the current B IDR is tight as the incremental debt to be incurred by Lannis will increase the expected funds from operation (FFO) adjusted gross leverage back to 7x in the year to March 2022 (FY22),” Fitch said in a press release.

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