S&P rates Financiere Labeyrie B

S&P said it gave B ratings to Financiere Labeyrie Fine Foods and its planned €455 million term loan and €65 million revolving credit facility bot due July 2026. The term loan’s recovery rating is 3.

Labeyrie plans to use the proceeds with €20 million balance sheet cash to refinance its capital structure and reimburse €10 million of payment-in-kind (PIK) debt.

“We assume material EBITDA growth in fiscal 2022, supported by cost savings, improved industrial performance, and continued pricing power across most product categories, enabling S&P Global Ratings-adjusted leverage to improve comfortably toward 8x (including the PIK debt) and 6x-6.5x (excluding the PIK debt), which we view as commensurate with the B rating,” S&P said in a press release.

The outlook is stable.

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