Fitch plans BB+ rating for Azelis notes

Fitch Ratings said it assigned Azelis Finance NV's planned sale of €400 million of five-year senior unsecured notes an expected senior unsecured rating of BB+ with an RR4 recovery rating. The notes will be guaranteed on a senior basis by the parent Azelis Group NV, also rated BB+, upon issuance, and by some of the group subsidiaries within 90 days of the issuance.

The proceeds will fund general corporate purposes, including recently closed or signed acquisitions, repay amounts drawn on the revolving credit facility, pay transaction costs, and fund cash on the balance sheet.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.