On Oct. 14, 2016, Italy-based manufacturer of vending and coffee machine products, N&W Global Vending SpA (previously LSF9 Canto Investments SpA), issued €300 million first-lien senior secured notes with a 7.0% coupon rate, and €100 million second-lien senior secured notes with a 10.5% coupon rate. The transaction has been executed in line with our preliminary assumptions. The company is in the process of acquiring Saeco Vending SpA. The acquisition will be funded with a private placement €70 million tap issuance on the existing first-lien senior secured notes. Saeco Vending's acquisition was not included in our original base-case scenario. We are assigning our 'B' long-term corporate credit rating to N&W Global Vending. At the same time, we are assigning our 'B'
