S&P rates EG Global’s €1.267 billion notes B

S&P said it assigned its B issue rating and 3 recovery rating to EG Group Ltd.’s proposed €1,267 million equivalent senior secured dual-currency notes.

The notes will rank equally to all other senior secured debt and will be sold by EG Global Finance plc, which also issued the group’s outstanding senior secured notes.

The offering won’t affect EG Group’s credit metrics beyond the level it already expected, S&P said.

Proceeds will be used for refinancing the recently announced Cumberland Farms acquisition.

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