Fitch sees rating Ren10 loan B+

Fitch Ratings said it assigned Ren10 Holding AB's (Renta Group) €200 million senior secured term loan expected ratings of B+/RR4.

“The rating of the senior secured term loan is aligned with Renta's long-term IDR, reflecting Fitch's view that the likelihood of default is materially similar. The loan will be guaranteed by group subsidiaries that account for a substantial majority of Renta's consolidated assets, net sales and EBITDA. The RR4 recovery rating reflects average recovery expectations. The term loan's rating will rank pari passu with Renta's existing senior secured notes and junior to Renta's revolving credit facility (RCF),” the agency said in a press release.

Renta is expected to use the loan to repay revolver draws and for general corporate purposes, which may include funding acquisitions.

The outlook is stable.

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