S&P rates THOM Europe notes B

Standard & Poor’s said it assigned a B long-term corporate credit rating to THOM Europe SAS.

The outlook is stable.

The agency also said it assigned a B rating to the €346.8 million senior secured notes due 2019. The recovery rating on these notes is 4, indicating 30% to 50% expected default recovery.

S&P also said it assigned a B+ rating to the €60 million super senior revolving credit facility due 2019. The recovery rating is 2, reflecting 70% to 90% expected default recovery.

The rating assignment follows THOM Europe’s placement of its €346.8 million bond and the syndication of its €60 million revolver to refinance its debt, the agency said.

The terms and conditions were broadly in line with those factored into the preliminary rating on the company, S&P said.

Although the five-year bond was issued with a coupon 112.5 basis points above a previous expectation, THOM Europe’s credit metrics remain commensurate with a B rating, the agency said.

The ratings continue to reflect THOM Europe’s fair business risk profile and highly leveraged financial risk profile, S&P said.

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