S&P rates Nemera loans B

S&P said it assigned its preliminary B long-term issuer credit rating to Financiere N, parent company of the medical devices manufacturer Nemera Group. The outlook is stable.

At the same time, S&P assigned a preliminary B issue rating and 3 recovery rating to Financiere N's proposed senior secured €375 million first-lien term loan and €65 million revolving credit facility. The preliminary 3 recovery rating reflects an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 60%) in the event of a payment default.

“The assignment of ratings follows the announcement, on Oct. 17, 2018, by Montagu Private Equity (Montagu), of the sale of Nemera to private equity group Astorg for an enterprise value of approximately €1.05 billion,” S&P said in a news release.

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