S&P rates Lipton add-on B-

S&P said it assigned its B- issue and 3 recovery ratings (60%) to Cuppa Bidco BV's (Lipton's) new incremental €175 million term loan B due in June 2029.

The ratings match those on Lipton’s outstanding €1.575 billion term loan due in June 2029,

Lipton will use the loan to pay down €175 million of the €375 million revolving credit facility maturing in 2028 and to pay for transaction fees and expenses. The revolver was drawn €330 million as of December 2023 to support Lipton's separation from Unilever plc.

The outlook is stable.

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