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Fitch assigns Financiere Mendel loan BB-
Fitch Ratings said it assigned final BB-/RR3 (61%) ratings to Financiere Mendel SAS 2.3 billion term loan. The expected ratings were assigned on Oct. 17.
The agency also affirmed the issuers parent Financiere Top Mendel SAS' long-term issuer default rating at B+. The company also owns Ceva Sante Animal SA.
The proceeds were used in refinancing outstanding loans and extended maturities to 2030. As part of the deal, the group upstreamed 200 million of cash for a shareholder distribution with added transaction fees of around 40 million.
Fitch said it expects annual interest expense of 190 million-210 million over 2024-2026 up from 180 million before the refinancing.
The outlook is stable.
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