S&P rates Freshworld loans B

S&P said it assigned a B rating to a proposed term loan and revolver to be entered by Freshworld Holding III GmbH (ADCO).

Freshworld plans to use the term loan to help acquire a majority stake in ADCO.

Freshworld Holding III plans to issue a €475 million senior secured term loan B via Freshworld Holding IV GmbH to fund the acquisition. The financing package will also include a €105 million revolver, S&P said.

S&P also assigned B ratings with recovery ratings of 3 to Freshworld III and its subsidiary Freshworld IV.

The outlook is stable.

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