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Fitch rates Towergate loan BB, notes B-, BB
Fitch Ratings said it assigned to Towergate Finance plc's £210 million term loan B due 2017 and £230 million of senior secured notes due 2018 final ratings of BB with recovery ratings of RR1.
The agency also said it assigned to Towergate Finance's £290 million of senior notes due 2019 a final rating of B- with a recovery rating of RR5.
Although the term loan B offering was increased from £160 million, the senior secured notes offering was decreased by the same amount, so that absolute levels of leverage and recovery prospects on both instruments in case of default remain unchanged, Fitch said.
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