LONDON (S&P Global Ratings) Dec. 14, 2020--S&P Global Ratings said today that Garfunkelux Holdco 2 S.A.'s (Lowell; B+/Stable/B) announced tap of its existing senior secured notes is an important step to further stabilize its financial profile. The transaction itself is leverage and ratings neutral, but reinforces, and demonstrates, the improved funding position and financial flexibility of Lowell following its refinancing in October 2020. On Dec. 11, 2020, Lowell announced that it had successfully tapped approximately £117.5 million of new senior secured funding across its existing senior secured notes. We understand that the deal will be split into three tranches: £40 million from the existing fixed rate sterling notes due 2025; €55 million from the existing fixed rate euro notes due
