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S&P rates Heidelberger Druckmaschinen notes CCC+
Standard & Poor's said it assigned an issue rating of CCC+ to Heidelberger Druckmaschinen AG's proposed €200 million senior unsecured notes due 2022. The recovery rating is 6.
The existing CCC+ issue rating on the €114 million (previously €355 million) senior unsecured notes due 2018 is unchanged. The recovery rating is also unchanged at 6.
S&P expects Heidelberger Druckmaschinen to use the proceeds from the proposed notes and the €59 million unrated convertible notes to repay around €241 million of the existing €355 million unsecured notes due 2018. The remainder of the proceeds (€18 million) will fund fees and expenses related to the note issuances.
The proposed unsecured notes will have similar terms and conditions as the existing unsecured notes.
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