...January 25, 2021 PARIS (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today assigned its 'B-' issue rating and '3' recovery rating to the proposed 750 million of senior secured notes to be issued by CAB (B-/Stable/--), parent company of Biogroup, a leading biology laboratory chain in France. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; rounded estimate: 50%) for the noteholders in the event of a payment default. The proposed notes rank pari passu with the proposed 1.50 billion term loan B to which we assigned an issue rating of 'B-' on Jan. 21, 2021 (see "France-Based Laboratory Company CAB Affirmed At 'B-' On Expected Refinancing; New Debt Rated," on RatingsDirect). We are also assigning an issue rating of '###' to the proposed 250 million senior notes to be issued by CAB's parent holding company Laboratoire Eimer, with a recovery rating of '6' indicating our expectation of negligible recovery (0%-10%; rounded estimate 0%). The proposed issuance...
