...November 7, 2022 PARIS (S&P Global Ratings) Nov. 7, 2022--S&P Global Ratings today said it assigned its '##' issue rating and '3' recovery rating to auto parts manufacturer Faurecia SE's (##/Negative/--) proposed 400 million sustainability-linked senior unsecured notes due 2026. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default. The proposed notes will rank pari passu with the company's existing unsecured debt. Faurecia will use the proceeds to repay some of its bridge facility with tranches maturing in 2023 and 2024 that financed the 5.5 billion acquisition of Hella earlier this year. We estimate that about 1.3 billion will remain outstanding under the facility pro forma the issuance. We anticipate the company will retain sufficient flexibility to address these maturities thanks to its sizable cash balance of 4.2 billion at June 30, 2022; 1.5 billion of undrawn revolving facility (RCF) capacity due May 2026;...
