Fitch rates Techem senior secured debt BB

Fitch Ratings said it assigned Techem GmbH's proposed new senior secured seven-year term loan B of €1.6 billion and six-year revolving credit facility of €150 million expected BB ratings.

The new term loan will replace the currently outstanding €555 million term loan A, €410 million senior secured notes, €325 million senior subordinated notes as well as the currently drawn revolver and capex facilities.

Upon completion of the refinancing, Fitch said it expects to affirm Techem's IDR at BB- with a stable outlook and withdraw the ratings for the senior secured and senior subordinated notes.

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