Fitch assigns Nets facilities, notes BB

Fitch Ratings said it assigned Evergood 4 APS (Nets) a long-term issuer default rating of B+ with stable outlook.

The rating reflects the acquisition of Nets A/S by Hellman & Friedman LLC and the subsequent issue of debt to finance this transaction.

Fitch also assigned an instrument rating of BB/RR2/74% to the company's senior secured facilities (including first-lien loans and revolving credit facility) issued by Nets.

In addition, Fitch the agency assigned a BB/RR2/74% rating to the existing senior notes issued by Nassa Topco AS.

Subsequent to the acquisition, Hellman & Friedman acquired 94.1% of the outstanding shares and squeezed out the minority shareholders. In addition, the tender offer process for the existing senior notes was completed in March with €180.4 million notes tendered and €219.6 million notes remaining outstanding.

In April, the trustee for the senior noteholders consented to the intercreditor agreement (ICA) and those noteholders were granted guarantees and equal and ratable security over the collateral securing the senior secured facilities agreement.

Given these amendments to the notes and the terms of the existing ICA, Fitch said it views the senior noteholders as pari passu with the senior secured facilities whereas they were previously considered senior unsecured.

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