Research Update: Codere's EUR85 Million Notes Rated 'CCC-'; On Watch Positive; Proposed EUR165 Million Notes Rated Prelim. 'CCC+'

On July 24, Codere announced that it had reached more than 75% of required consents for its lock-up agreement. Codere will now implement the proposed debt restructuring via a scheme of arrangement. Prior to the ratification of the scheme, and to provide immediate liquidity, Codere issued the first €85 million drawing of its proposed €250 million super senior secured notes on July 28. The second drawing of notes--the remaining €165 million--is expected to be issued at the completion of the scheme of arrangement, within the next two-to-three months. We are affirming our 'CC' issuer credit rating on Codere and 'CC' issue ratings on the existing €500 million and $300 million senior secured notes. We are assigning a 'CCC-' issue rating

...- On July 24, Codere announced that it had reached more than 75% of required consents for its lock-up agreement. Codere will now implement the proposed debt restructuring via a scheme of arrangement. - Prior to the ratification of the scheme, and to provide immediate liquidity, Codere issued the first 85 million drawing of its proposed 250 million super senior secured notes on July 28. The second drawing of notes--the remaining 165 million--is expected to be issued at the completion of the scheme of arrangement, within the next two-to-three months. - We are affirming our '##' issuer credit rating on Codere and '##' issue ratings on the existing 500 million and $300 million senior secured notes. We are assigning a '###-' issue rating to the new 85 million super senior notes and placing them on CreditWatch positive, and assigning a preliminary '###+' issue rating to the proposed 165 million notes. We rate the first 85 million notes under the group's current capital structure because of the...

Research Update