S&P rates Loxam notes BB-

S&P said it assigned a BB- rating to Loxam SAS's upsized €600 million senior secured notes.

The recovery rating is 3, indicating 50% to 70% expected default recovery.

S&P also said it assigned a B rating to the company's €250 million senior unsecured notes.

The recovery rating is 6, indicating 0 to 10% expected default recovery.

S&P also said it affirmed the ratings on all of the company's existing instruments.

Loxam finalized its capital structure following the acquisition of Lavendon, the agency said.

The acquisition was financed by the issue of €600 million senior secured notes and €250 million senior unsecured notes, S&P said.

The bridge loan was subsequently refinanced, the agency added.

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