PARIS (S&P Global Ratings) Sept. 9, 2024--S&P Global Ratings today assigned its ?BB+? issue rating and ?3? recovery rating to the €600 million five-year senior unsecured notes to be issued by Azelis Finance N.V. , a subsidiary of specialty chemicals distributor Azelis Group NV (BB+/Stable/--). Azelis Finance plans to issue the proposed senior unsecured notes alongside a new €600 million term loan. We understand Azelis intends to use the proceeds to: Redeem the group?s existing €900 million and £128.8 million term loans maturing in 2026; Repay the group?s 2025 outstanding Schuldschein maturities (€29 million); and Fund additional cash to the balance sheet (€113 million). The like-for-like refinancing will therefore not affect leverage metrics materially. We now expect S&P Global Ratings-adjusted
