SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating - S&P Global Ratings’ Credit Research

SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating

SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating - S&P Global Ratings’ Credit Research
SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating
Published Mar 10, 2025
4 pages (1882 words) — Published Mar 10, 2025
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

PARIS (S&P Global Ratings) March 10, 2025--S&P Global Ratings today assigned its 'BB+' issue rating and '3' recovery rating to the proposed €550 senior unsecured notes to be issued by SNF Group (SNF; BB+/Stable/--). The unchanged '3' recovery rating on the group?s total senior unsecured debt, including the proposed notes, indicates our expectation of meaningful recovery (50%-70%, rounded estimate: 60%) in the event of a default. SNF intends to issue the proposed seven-year €550 million bond, and use the proceeds to: Redeem €350 million senior notes due 2026, out of the rated €700 million senior unsecured notes outstanding due 2026 and 2029; Pay down the drawings (about €200 million) under the existing revolving credit facility (RCF) together with cash on

  
Brief Excerpt:

...March 10, 2025 PARIS (S&P Global Ratings) March 10, 2025--S&P Global Ratings today assigned its '##+' issue rating and '3' recovery rating to the proposed 550 senior unsecured notes to be issued by SNF Group (SNF; ##+/Stable/--). The unchanged '3' recovery rating on the group's total senior unsecured debt, including the proposed notes, indicates our expectation of meaningful recovery (50%-70%, rounded estimate: 60%) in the event of a default. SNF intends to issue the proposed seven-year 550 million bond, and use the proceeds to:...

  
Report Type:

Ratings Action

Ticker
793555Z@FP
Issuer
SNF Group
GICS
Specialty Chemicals (15101050)
Sector
Global Issuers
Country
France
Region
Europe, Middle East, Africa
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating" Mar 10, 2025. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/SNF-s-Proposed-550-Million-Senior-Unsecured-Notes-Assigned-BB-Rating-3335113>
  
APA:
S&P Global Ratings’ Credit Research. (). SNF's Proposed €550 Million Senior Unsecured Notes Assigned 'BB+' Rating Mar 10, 2025. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/SNF-s-Proposed-550-Million-Senior-Unsecured-Notes-Assigned-BB-Rating-3335113>
  
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