MILAN (S&P Global Ratings) Jan. 21, 2021--S&P Global Ratings today assigned its 'A+' long-term issue rating to Groupe Bruxelles Lambert SA's (GBL; A+/Stable/--) new €500 million senior unsecured 0.125% notes due Jan. 28, 2031. The proceeds of the notes are earmarked for general corporate purposes. As of Sept. 30, 2020, our adjusted loan-to-value (LTV) ratio for GBL was 13.6%; adjusted debt includes €560 million for a put option on privately owned European leader in the customer relationship management-business process outsourcing company Webhelp, and €768 million of investment commitments for GBL's fully owned alternative investment platform Sienna Capital. In December 2020, GBL reached a definitive agreement to acquire a majority stake in Canyon Bicycle GmbH. Canyon is a leading and rapidly
