S&P affirms Arrow Global on tap issue

Standard & Poor’s said it affirmed a BB- long-term issue rating on Arrow Global Finance plc’s euro-denominated floating-rate notes due 2021, which are subject to a proposed tap.

Arrow Global Finance is a wholly owned subsidiary of Arrow Global Group plc.

The recovery rating of 2 on the notes is unchanged, indicating 70% to 90% expected default recovery.

The group is expected to use the proceeds to repay part of the outstanding amounts under the revolving credit facility and fund related fees and expenses, S&P said.

The notes will continue to be secured by a first-ranking interest on all the shares of Arrow Global Group’s main subsidiaries and substantially all of its assets, the agency said.

This security package is similar to the package for Arrow Global Finance’s existing senior secured debt, S&P said.

The proposed tap issue does not affect Arrow Global Group’s financial risk profile, the agency added.

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