Fitch rates Interpipe notes B

Fitch Ratings said it assigned Interpipe Holdings plc's proposed bond issue an expected B senior unsecured rating with an RR4 recovery rating. The agency simultaneously affirmed Interpipe's B long-term issuer default rating.

“We expect the planned notes to constitute the majority of Interpipe's post-2020 capital structure, and rank senior to the group's subordinated shareholder loan (end-2020: $47 million). The noteholders will benefit from upstream guarantees from Interpipe's subsidiaries representing at least 80% of the group's consolidated EBITDA. The notes' draft documentation contains an incurrence net debt-to-EBITDA covenant of 2x and restricted payments clauses that cap shareholder distributions,” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.