Frozen fish producer Bering III S.a.r.l. (Iberconsa) plans to issue a €350 million, five-year senior secured bond to refinance its €283 million term loan B (TLB) due 2027, repay the €33 million balance under its revolving credit facility (RCF), reduce its drawn working capital financing lines balance by €5 million, and strengthen the liquidity profile. The transaction is broadly leverage neutral and will provide €18 million of additional cash balance to the company. We assigned our preliminary ?B-? issue rating to the proposed issuance, with a ?3? recovery rating, and affirmed our ?B-? long-term issuer credit rating on the company and our ?B-? rating on the existing €283 million term loan B, until its repayment. The stable outlook reflects our
