S&P might raise Alain Afflelou, debt

S&P said it placed its B long-term corporate credit rating on Lion/Seneca France 2 SAS (Alain Afflelou) on CreditWatch with positive implications.

At the same time, the agency placed the BB issue rating on the €30 million super senior revolving credit facility, the B issue rating on the €365 million senior secured notes due 2019 and the CCC+ issue rating on the €75 million senior subordinated notes on CreditWatch with positive implications. The recovery ratings of 1+ on the revolver, 3 on the senior secured notes and 6 on the senior subordinated notes are unchanged.

On Oct. 18, Alain Afflelou announced its plans for an IPO on the Paris Stock Exchange. In the proposed transaction, the group aims to raise close to €200 million in equity from the IPO and put in place a €270 million term loan.

S&P said it expects to withdraw the issue and recovery ratings on these debt issues after the IPO, when the notes will be refinanced with new facilities.

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