S&P rates Rossini notes B

S&P said it assigned its preliminary B long-term issuer credit rating to Rossini Acquisition Sarl (Rossini), a holding company above Italy-based pharmaceutical company Recordati SpA. The outlook is stable.

S&P also assigned a preliminary B issue rating and 4 recovery rating to the €1.28 billion senior secured notes due 2025 (in a combination of floating rate notes and fixed rate notes) issued by Rossini Sarl. The capital structure also includes a super senior revolving credit facility of €250 million due 2025, assumed undrawn at closing.

“Our preliminary rating on Rossini follows CVC Capital Partners' and co-investors' announced acquisition of FIMEI SpA, the holding company that controls a 53.3% interest in Recordati, S&P said in a news release.

The remaining shares are publicly listed on the Milan Stock Exchange.

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