S&P rates Snacking Investments loans B

S&P said it assigned a preliminary B rating to loan facilities to be issued to Snacking Investments BidCo Pty Ltd. (Arnott's). The proposed facilities include $500 million and A$300 million term loans, A$90 million delayed-draw term loan credit facility and $100 million revolver.

The preliminary recovery ratings on these facilities are 4, reflecting average (30%-50%; rounded estimate: 45%) recovery prospects in a payment default.

S&P also assigned Arnott’s a preliminary B rating.

The outlook is stable.

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