Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs - S&P Global Ratings’ Credit Research

Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs

Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs - S&P Global Ratings’ Credit Research
Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs
Published Jul 22, 2019
2 pages (1142 words) — Published Jul 22, 2019
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Abstract:

PARIS (S&P Global Ratings) July 22, 2019--S&P Global Ratings today said that the proposed leverage-neutral refinancing by Spanish gaming company Cirsa Enterprises S.L.U. (Cirsa) (B+/Stable/--) will enable the company to extend its upcoming debt maturities and lower interest expenses. Cirsa announced today that it plans to refinance its existing €425 million floating-rate notes (FRNs) maturing in 2023 via new €440 million FRNs due 2025. The additional amount (€15 million) will be used to pay transaction costs. Like the refinanced instruments, the proposed notes will rank pari passu with the rest of Cirsa's rated notes, consisting of €663 million senior secured notes (SSNs) due 2023, $550 million SSNs due 2023, and the recently issued €390 million SSNs due 2025. We see

  
Brief Excerpt:

...July 22, 2019 PARIS (S&P Global Ratings) July 22, 2019--S&P Global Ratings today said that the proposed leverage-neutral refinancing by Spanish gaming company Cirsa Enterprises S.L.U. (Cirsa) (B+/Stable/--) will enable the company to extend its upcoming debt maturities and lower interest expenses. Cirsa announced today that it plans to refinance its existing 425 million floating-rate notes (FRNs) maturing in 2023 via new 440 million FRNs due 2025. The additional amount (15 million) will be used to pay transaction costs. Like the refinanced instruments, the proposed notes will rank pari passu with the rest of Cirsa's rated notes, consisting of 663 million senior secured notes (SSNs) due 2023, $550 million SSNs due 2023, and the recently issued 390 million SSNs due 2025. We see this transaction as generally credit supportive, as it will allow the group to spread its upcoming debt maturities and slightly reduce its funding costs. That said, we do not expect any material improvement in ratios....

  
Report Type:

Bulletin

Issuer
Cirsa Enterprises S.L.U.
GICS
Specialized Finance (40201040)
Sector
Global Issuers
Country
Spain
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs" Jul 22, 2019. Alacra Store. Apr 29, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Cirsa-s-Proposed-Refinancing-Will-Extend-Debt-Maturities-And-Lower-Funding-Costs-2268342>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Cirsa?s Proposed Refinancing Will Extend Debt Maturities And Lower Funding Costs Jul 22, 2019. New York, NY: Alacra Store. Retrieved Apr 29, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Cirsa-s-Proposed-Refinancing-Will-Extend-Debt-Maturities-And-Lower-Funding-Costs-2268342>
  
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