Fitch: Elior Finance notes BB-

Fitch Ratings said it assigned Elior Finance & Co. SCA's €350 million 6½% senior secured notes due 2020 a final rating of BB-with a recovery rating of RR3.

As expected, the net proceeds from the issuance will be used to repay portions of various tranches under the senior facilities agreement.

Fitch said the action follows the review of the final terms of the bond issue conforming to information already received.

The new notes issued by Elior Finance will rank as senior secured obligations and will share equally with the other lenders and counterparties with respect to recoveries from security enforcement.

However, Elior Finance's voting rights will be limited to enforcement instructions and certain other matters and will not be equal with other lenders under the senior facilities agreement, the agency said.

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