Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory - S&P Global Ratings’ Credit Research

Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory

Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory - S&P Global Ratings’ Credit Research
Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory
Published Jan 31, 2023
2 pages (1069 words) — Published Jan 31, 2023
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Abstract:

This report does not constitute a rating action. MADRID (S&P Global Ratings) Jan. 31, 2023--S&P Global Ratings today said that Sigma Holdco's (Upfield; B-/Stable/--) proposed term loan buy back is credit neutral. On Jan. 27, 2023, Upfield launched a solicitation process with investors to buy back €200 million of its outstanding term loan B maturing July 2025. We view the transaction as opportunistic rather than distressed because of the best-efforts basis of the repurchase (no obligations for lenders to tender), and because the transaction will be funded with excess cash well in advance of the maturity date and we expect the tender price to be close to the nominal value of the loan. We note that Upfield retains an adequate

  
Report Type:

Bulletin

Issuer
Sigma HoldCo B.V.
GICS
Packaged Foods & Meats (30202030)
Sector
Global Issuers
Country
Netherlands
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory" Jan 31, 2023. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Upfield-Sigma-Holdco-Proposed-Buy-Back-Of-200-Million-Of-Outstanding-Term-Loan-Should-Support-Deleveraging-Trajectory-2942933>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Upfield (Sigma Holdco) Proposed Buy Back Of €200 Million Of Outstanding Term Loan Should Support Deleveraging Trajectory Jan 31, 2023. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Upfield-Sigma-Holdco-Proposed-Buy-Back-Of-200-Million-Of-Outstanding-Term-Loan-Should-Support-Deleveraging-Trajectory-2942933>
  
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