S&P assigns B to Solina loan

S&P said it assigned B issue and 3 recovery ratings to Solina Group Holding's planned $420 million senior secured floating-rate U.S. dollar term loan B due 2031. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate 50%) recovery in default.

The incremental tranche will rank equally with the outstanding €785 million euro-denominated term loan B due 2028 and is issued under the same loan agreement. This new tranche will be issued by Solina's U.S.-based subsidiary Saratoga Food Specialties LLC and guaranteed by the group.

Solina will use the issuance proceeds for the early refinancing of its outstanding $320 million U.S. dollar term loan due 2028, to fund a bolt-on acquisition, to acquire outstanding minority interests in Zafron Foods, and for expansionary capital expenditure.

The outlook is stable.

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