Sigma HoldCo BV (Flora Food Group) Assigned Preliminary 'B+' Ratings; Outlook Stable

Private equity sponsor KKR agreed to acquire Unilever's global spreads business Flora Food Group (FFG), global leader in plant-based nutrition, for about €6.8 billion. As part of the transaction, FFG intends to issue €4,600 million-equivalent senior secured debt (including €700 million RCF), and €1,050 million senior unsecured notes. KKR will contribute with €2,025 million of equity. We are assigning our preliminary 'B+' long-term rating to FFG and the group's proposed senior secured term facilities, and our preliminary 'B-' rating to the group's senior unsecured notes. The stable outlook reflects our expectation that the group will maintain an adjusted EBITDA margin of 24%-25% and EBITDA interest coverage at about 3.0x. MILAN (S&P Global Ratings) Feb. 15, 2018--S&P Global Ratings today assigned

...+ Private equity sponsor KKR agreed to acquire Unilever's global spreads business Flora Food Group (FFG), global leader in plant-based nutrition, for about 6.8 billion. + As part of the transaction, FFG intends to issue 4,600 million-equivalent senior secured debt (including 700 million RCF), and 1,050 million senior unsecured notes. KKR will contribute with 2,025 million of equity. + We are assigning our preliminary 'B+' long-term rating to FFG and the group's proposed senior secured term facilities, and our preliminary 'B-' rating to the group's senior unsecured notes. + The stable outlook reflects our expectation that the group will maintain an adjusted EBITDA margin of 24%-25% and EBITDA interest coverage at about 3.0x. MILAN (S&P Global Ratings) Feb. 15, 2018--S&P Global Ratings today assigned its preliminary 'B+' long-term issuer credit rating to Sigma HoldCo BV (Flora Food Group [FFG]), a Netherlands-based manufacturer of margarine and other plant-based nutrition products. The outlook...

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