S&P affirms Delachaux

S&P said it affirmed its B+ long-term issuer credit rating on Delachaux SA.

The agency also affirmed the B+ rating on the company's senior secured term loan and revolving credit facility. The recovery rating is 4, indicating an expectation of average recovery (rounded estimate: 40%) for debtholders in the event of a default.

At the same time, the agency removed the ratings from CreditWatch where they were placed with positive implications on June 12.

S&P said the affirmation follows Delachaux's announcement that it suspended its planned IPO and refinancing.

CVC Capital Partners and Caisse de dépôt et placement du Québec (CDPQ) announced that the Delachaux family and CDPQ entered into an exclusivity agreement to acquire CVC Capital Partners Fund V's stake in the Delachaux group.

“We understand that the refinancing and partial debt repayment envisaged in the wider IPO project will not take place, impeding Delachaux's deleveraging opportunities,” the agency said in a news release.

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