S&P trims Financiere Top Mendel ratings

S&P said lowered its long-term issuer credit rating on Financiere Top Mendel SAS to B from B+ and the issue rating on the €2 billion term loan B to B from B+, with the 3 recovery rating unchanged.

The outlook is negative.

New ParentCo, a holding company sitting above Financiere Top Mendel, the parent company of France-based animal health company Ceva Sante Animale, issued equity and equity-like instruments as well as a €600 million payment-in-kind instrument to reshuffle its capital structure ownership and partially pay its shareholders.

After this transaction, S&P-adjusted debt to EBITDA excluding the noncommon equity (convertible bonds ORA/ORANBSA) will peak to 8.5x in 2020 before potentially falling to 8x in 2021, S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.