Samsonite International S.A. Assigned 'BB' Corporate Credit Rating; Outlook Is Stable

Samsonite International S.A. (Samsonite) and Tumi Holdings Inc. (Tumi) announced that they have entered into a definitive merger agreement whereby a wholly owned subsidiary of Samsonite will acquire 100% of Tumi for roughly $1.8 billion. We are assigning a 'BB' corporate credit rating to Luxembourg-based Samsonite International S.A., the parent company of the group. We are assigning 'BBB-' issue-level ratings to the group's proposed $2.425 billion senior secured credit facilities. The recovery ratings are '1', indicating our expectations for very high recovery in the event of a payment default. The stable outlook reflects our expectation that the company will effectively integrate Tumi while maintaining debt leverage below 4x during the next 12 months. SAN FRANCISCO (Standard&Poor's) April 4,

...+ Samsonite International S.A. (Samsonite) and Tumi Holdings Inc. (Tumi) announced that they have entered into a definitive merger agreement whereby a wholly owned subsidiary of Samsonite will acquire 100% of Tumi for roughly $1.8 billion. + We are assigning a '##' corporate credit rating to Luxembourg-based Samsonite International S.A., the parent company of the group. + We are assigning '###-' issue-level ratings to the group's proposed $2.425 billion senior secured credit facilities. The recovery ratings are '1', indicating our expectations for very high recovery in the event of a payment default. + The stable outlook reflects our expectation that the company will effectively integrate Tumi while maintaining debt leverage below 4x during the next 12 months. SAN FRANCISCO (Standard & Poor's) April 4, 2016--Standard & Poor's Ratings Services assigned its '##' corporate credit rating to Luxembourg- and Massachusetts-based Samsonite International S.A. The outlook is stable. At the same time,...

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