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S&P rates Euro Garages loan B+
Standard & Poor’s said it assigned a preliminary B long-term corporate credit rating to Optima Finco Ltd., the parent of the Euro Garages.
The outlook is stable.
The agency also said it assigned a preliminary B+ rating to the group’s proposed £745 million equivalent senior secured credit facilities.
The preliminary recovery rating on these notes is 2, indicating 70% to 90% expected default recovery.
The rating on Optima Finco follows news that Euro Garages plans to arrange £745 million equivalent of senior secured credit facilities, S&P said.
The funds, combined with £300 million preferred ordinary shares provided by TDR Capital, will be used to repay existing debt and to pay dividends to the owners and chief executive officers, the agency said.
The ratings incorporate the company’s highly leveraged financial risk profile and elevated debt level after the proposed refinancing transaction, S&P said.
The adjusted debt-to-EBITDA ratio is expected to reach 9.3x for the financial year ending July 2016, the agency said.
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