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S&P rates DFC Finance notes B
Standard & Poor's said it assigned a B issue-level rating on DFC Finance Corp.'s proposed six-year senior secured notes.
At the same time, the agency kept its B issuer credit and senior unsecured ratings on DFC Global Corp. on CreditWatch with negative implications.
DFC Finance, an entity formed by Lone Star Funds, plans to issue $500 million and £150 million of six-year senior secured notes in conjunction with the pending acquisition of DFC Global by an affiliate of Lone Star Funds.
DFC Finance will issue the proposed notes only if DFC Global's shareholders approve the sale of the company on June 6.
The notes, alongside an equity contribution from Lone Star of $750 million, will finance the acquisition and the repayment of substantially all of DFC Global's currently outstanding debt, including the convertible bonds and the Canadian senior notes.
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