Moody's gives Agrokor notes B2

Moody's Investors Service said it has assigned a provisional B2/LGD3 rating to the proposed €400 million of senior notes to be issued by Agrokor dd.

The company's B2 corporate family rating and B2 probability of default rating remain unchanged at present, the agency said.

The outlook is stable.

According to the agency, the rating action follows the announcement made by Agrokor on Oct. 23 of its intention to redeem the outstanding €150 million of bonds at a price of 101.75.

As part of the overall refinancing of the existing capital structure, Agrokor has also renegotiated the covenant levels on its €246 million of bank debt, reducing the minimum coverage ratio to 3.0x from 3.75x and increasing the maximum leverage level to 3.75x from 3.5x, Moody's said.

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