S&P affirms Financiere Efel

S&P said it affirmed its B long-term issuer credit rating on Financiere Efel SAS. The outlook is stable.

At the same time, the agency affirmed the B issue rating on the €295 million (€230 million plus €65 million add-on) senior secured term loan B due 2024 and on the existing revolving credit facility.

The recovery rating remains at 3, reflecting an expectation of about 55% recovery in case of a payment default.

Averys Group announced that it agreed to acquire Storax. The acquisition, with an enterprise value of €75 million, is being financed via the issuance of the €65 million add-on.

The agency said the affirmation reflects a view that the acquisition of Storax will be beneficial for the Averys Group.

Despite the increase in debt to fund the acquisition, S&P said it expects key credit metrics to gradually improve over the medium term driven by the group's operational and financial performance.

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