S&P rates Hunkemoller, notes B-

S&P said it preliminarily rated Hunkemoller (Shero Bidco BV) and its planned €272.5 million in senior secured notes due 2027 B-. The preliminary recovering rating on the notes is 3 (recovery expectations: 50%-70%; rounded estimate: 60%). The company also secured a €50 million super senior revolver maturing in December 2026.

“Following the leveraged buyout led by Parcom in June 2022, we expect Hunkemoller's adjusted leverage to stay at 4.8x-5x in FY2022 and FY2023 on the back of weaker consumer confidence and cost inflation,” S&P said in a press release.

Hunkemoller plans to use the proceeds to refinance part of the €340 million bridge financing used in the acquisition.

The outlook is stable.

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