Fitch rates Fiber Bidco notes BB-

Fitch Ratings said it assigned Fiber Bidco SpA's (Fedrigoni) planned €665 million of senior secured floating-rate notes expected BB-/RR3 ratings following the company's announced upcoming partial refinancing of its capital structure.

The senior secured rating depends on full repayment of its about €735 million senior secured floating-rate notes with the proceeds from the new notes and cash. The new notes will rank equally with its existing about €365 million of 11% senior secured notes and its revolving credit facility, which will increase to about €180 million as part of the refinancing, Fitch said.

Concurrently, the agency affirmed Fedrigoni’s B+ issuer default rating.

The outlook is stable.

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