Netherlands-based nonfood discounter Action Holding B.V. (Action) has announced plans to refinance its current debt structure by issuing €1,125 million of a single new term loan out of a holding company, Peer Holding B.V., and upsizing its revolving credit facility to €75 million. Action intends to use this new funding, together with cash on the balance sheet of about €142 million, to refinance €730 million of existing term loans, distribute dividends of around €527 million, and cover fees. We are assigning our preliminary 'B+' long-term corporate credit rating to Peer Holding B.V. The stable outlook reflects our expectation that, following the refinancing and dividend payment, Action will continue to successfully implement its growth strategy on the back of sound operational
