...March 22, 2024 PARIS (S&P Global Ratings) March 22, 2024--S&P Global Ratings today assigned its 'B-' issue rating and '3' recovery rating to Italian coffee equipment company Evoca's proposed 550 million senior secured floating rate notes (SS FRNs) due in 2029. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. Evoca will use the issuance proceeds for the early refinancing of the existing 550 million SS FRNs due in 2026. The company is also extending the maturity of the existing 80 million revolving credit facility (RCF) which will mature six months before the maturity of the proposed SS FRNs. We also acknowledge that the maturity of the existing 320 million payment-in-kind (PIK) notes (including accrued interests) will be extended to a date falling after the maturity of the proposed SS FRN. In line with our methodology, we treat the PIK notes as debt. Under our updated base case, we expect S&P Global Ratings-adjusted...
