S&P assigns B+ to WEPA notes

S&P said it rated WEPA Hygieneprodukte GmbH's planned €250 million senior secured fixed-rate notes due 2031 B+ with a 4 recovery rating (45%).

The ratings are in line with those on WEPA’s outstanding senior secured notes.

WEPA will use the proceeds for the early refinancing of the €200 million of senior secured floating-rate notes due 2026 and to pay a €20 million extraordinary dividend to its shareholders. It will use the remaining balance of €30 million for fee payments and general corporate purposes.

The outlook is positive.

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