S&P rates Vivo Energy, notes, revolver BB+

S&P said it assigned its preliminary BB+ long-term issuer credit rating to Vivo Energy plc.

The agency also assigned its preliminary BB+ issue rating to the group's proposed up to $400 million unsecured notes and $400 million committed unsecured revolving credit facility issued by Vivo Energy Investments BV.

Vivo intends to refinance its capital structure by issuing the notes, following recent premium listing at London Stock Exchange and Johannesburg Stock Exchange.

The company is also expecting to complete the acquisition of Engen International Holdings Ltd. in the second half of 2018.

“The positive outlook reflects a view that, over the next 12-18 months post refinancing, the group could significantly improve cash flows if it successfully executes the EIHL acquisition and integration and shows a track record of prudent financial policy,” S&P said in a news release.

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