S&P rates Rekeep secured notes B

S&P said it assigned a B issue rating, with a 3 recovery rating (rounded estimate: 60%) to the proposed €350 million senior secured notes of Rekeep SpA.

S&P also revised the outlook on Rekeep to stable from negative and affirmed the B long-term issuer credit rating.

Rekeep intends to refinance its existing €334 million (initially €360 million) senior secured notes due in June 2022 and €50 million super senior revolving credit facility due in December 2021. The proposed debt structure will comprise €350 million five-year senior secured notes and a €75 million 4.5-year super senior revolver, S&P said.

“Rekeep's proposed refinancing will have a neutral impact on leverage,” S&P said in a news release.

“Rekeep's operational performance has been resilient in 2020 despite the pandemic, and we expect stable performance in 2021,” the agency added.

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