S&P rates Yioula notes CCC

Standard & Poor's said it assigned a CCC- long-term corporate credit rating to Glasstank BV, a core subsidiary of Yioula Glassworks SA.

The agency also said it assigned a CCC rating to Glasstank's proposed €180 million senior secured notes.

The agency also placed Glasstank on CreditWatch with positive implications.

The CreditWatch placement reflects Yioula's plans to refinance its €140 million notes due 2015, the agency said, and the group's ongoing negotiations with its banks to extend its near-term debt maturities.

Yioula announced that it intends to refinance its €140 million bonds due 2015 through the issuance of new €180 million senior secured notes due 2019, S&P said.

The new debt instruments will be issued at the level of Glasstank, a new holding entity within the group that includes just the Bulgarian and Romanian operating subsidiaries, the agency said.

The CreditWatch placement is expected to be resolved within the next 90 days following the completion of the issuance and partial extension of Yioula's upcoming debt maturities, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.