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S&P rates SPA Holdings 3 notes B
S&P said it assigned its preliminary B issue rating to SPA Holdings 3 Oy's (Ahlstrom-Munksjo) proposed 650 million of dollar- and euro-denominated senior secured notes due 2028.
The preliminary rating on the notes is in line with our preliminary B issuer credit rating on SPA Holdings 3 Oy. The recovery rating of 3 reflects our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default, the agency said in a press release.
The proceeds will partly finance the acquisition of a majority stake in SPA Holdings 3 Oy by a consortium led by private equity firm Bain Capital. The notes will rank equally with a 1 billion senior secured term loan B due in 2028 and a 325 million revolving credit facility due in 2027, S&P said.
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