S&P gives Azelis notes BB+

S&P said it gave BB+ issue and 3 recovery ratings to Azelis Finance NV’s upcoming sale of €400 million of senior unsecured notes due 2028.

Azelis Group NV’s issuer rating is BB+.

Azelis plans to use the notes for general corporate purposes. “We understand that Azelis intends to finance recently signed acquisitions, which the company expects to close in first-half 2023, representing €225 million. At the same time, Azelis is increasing the weighted-average duration of existing financing by repaying €100 million drawn under its revolving credit facility and strengthening its liquidity with €70 million in cash overfunding,” S&P said.

The outlook is stable.

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