U.S.-based private equity group Lone Star Funds has acquired Italy-based manufacturer of vending and coffee machines products, LSF9 Canto Investments SpA (N&W Global Vending Group, or N&W Group). The acquisition in March 2016 was funded with €262 million equity contribution and €400 million bridge loan facility at the LSF9 Canto Investments SpA level. The company plans to refinance the bridge loan facility with the issuance of €300 million first lien senior secured notes, and €100 million second lien senior secured facility. We are assigning our preliminary 'B' long-term corporate credit rating to LSF9 Canto Investments SpA. At the same time, we are assigning our preliminary 'B' issue rating to the €300 million first-lien senior secured notes, preliminary 'CCC+' issue rating
