S&P assigns B to €200 million Ren10 loan

S&P said assigned a B issue rating to Ren10 Holding AB’s (Renta Group) planned €200 million term loan.

The agency also affirmed its B ratings on Ren10 and its €350 million of senior secured notes. The recovery rating on the debt is unchanged at 4, indicating modest recovery prospects (30%-50%; rounded estimate: 35%) in default. The loan will rank equally with the notes.

Ren10 plans to use the loan to repay revolver borrowings and keep the balance for general corporate purposes and bolt-on mergers and acquisitions, in line with its strategy.

The outlook is stable.

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