Bulletin: Ratings On Unilever Senior Notes Unaffected By Proposed Consent Solicitation To Noteholders

LONDON (S&P Global Ratings) May 30, 2018--S&P Global Ratings said today that its 'A+' long-term issue ratings on the senior unsecured notes issued by Unilever PLC and Unilever N.V. (both rated A+/Stable/A-1) are unaffected by the announcement that Unilever is seeking consent from noteholders to substitute the issuer of the notes with a new group topco, Unilever International Holdings N.V. (New N.V.). The notes will retain their existing guarantees and will receive a new guarantee so that notes will be guaranteed by the group's main operating companies: Unilever PLC; Unilever U.S. Inc.; and a new subsidiary, Unilever International Holding B.V. (New Sub). New N.V. will become the parent company of Unilever PLC and New Sub. In due course, New Sub

...LONDON (S&P Global Ratings) May 30, 2018--S&P Global Ratings said today that its 'A+' long-term issue ratings on the senior unsecured notes issued by Unilever PLC and Unilever N.V. (both rated A+/Stable/A-1) are unaffected by the announcement that Unilever is seeking consent from noteholders to substitute the issuer of the notes with a new group topco, Unilever International Holdings N.V. (New N.V.). The notes will retain their existing guarantees and will receive a new guarantee so that notes will be guaranteed by the group's main operating companies: Unilever PLC; Unilever U.S. Inc.; and a new subsidiary, Unilever International Holding B.V. (New Sub). New N.V. will become the parent company of Unilever PLC and New Sub. In due course, New Sub will acquire all Unilever N.V.'s assets and liabilities and become its successor company. We expect to assign an 'A+' issuer credit rating to New N.V. once it is operational. Given the 'A+' investment-grade ratings on Unilever and the voluntary nature...

Bulletin