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S&P gives KEW Soda unit notes BB-
S&P said it gave a BB- rating to the $500 million of senior secured notes due 2031, issued by WE Soda Investments Holding plc, a subsidiary of KEW Soda Ltd.
The rating is in line with those on WE Soda’s outstanding senior secured notes.
The group will use the proceeds to fully repay the about $431 million term loan facilities due 2025, pay down about $52 million of its revolving credit facility, cover fees and expenses related to the transaction, as well as for general corporate purposes.
“The transaction reflects KEW Soda's proactive debt management. We see the transaction as broadly debt-neutral, so it does not affect our BB- issuer credit rating on KEW Soda,” S&P said in a press release.
The outlook is positive.
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