...December 4, 2024 PARIS (S&P Global Ratings) Dec. 4, 2024--S&P Global Ratings today assigned its 'B' issue rating and '3' recovery rating to the 550 million senior secured floating-rate notes, due 2029, set to be issued by Italy-based global high-end lighting and furniture company Flos B&B Italia SpA. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a default. The transaction is leverage neutral with no impact to our existing issuer credit rating and outlook on Flos B&B Italia (B/Stable/--). The company will use the issuance proceeds to fully repay its existing 470 million floating-rate notes due in 2026 and to partially repay the 425 million fixed-rate notes due in 2028. Estimated transaction costs will be about 12 million and will be funded with either cash on the balance sheet or drawing on its existing 145 million super senior revolving credit facility (RCF) due in 2028. Pro-forma the issuance, the company is expected...
