...+ N&W Global Vending SpA (N&W) is planning to execute a tap issuance of 40 million on top of its existing 370 million senior secured notes maturing in 2023, with a 7.0% coupon rate. + N&W will use the proceeds of the tap to fund the acquisition of two companies, Cafection and Ducale, in order to enter North America's office coffee service (OCS) market, and to enlarge its product portfolio offering. + In our view, the group could face some execution risks in the integration process of recently acquired company Saeco Vending and of the two newly announced acquisitions. Additionally, N&W's growth with external opportunities could ultimately limit the company's ability to reduce its leverage. + We are therefore revising the outlook on N&W to negative from stable, and affirming our 'B' long-term corporate credit rating on the company. At the same time, we are revising the recovery rating to '4' from '3' on the 410 million senior secured notes (including the new 40 million proposed tap issuance)....
