...+ Private equity sponsor KKR successfully completed the acquisition of Unilever's global spreads business UPFIELD, global leader in plant-based nutrition, for about 6.8 billion. + As part of the transaction, UPFIELD issued roughly 4.65 billion-equivalent of senior secured debt (including a 700 million revolving credit facility), and 1.1 billion of senior unsecured notes. KKR contributed 1,996 million of common equity. + We are assigning our 'B+' long-term rating to UPFIELD and the group's proposed senior secured term facilities, and our 'B-' rating to the group's senior unsecured notes. + The stable outlook reflects our expectation that the group will maintain an S&P Global Ratings-adjusted EBITDA margin of 24%-25% and EBITDA interest coverage of 2.5x-3.0x. MILAN (S&P Global Ratings) July 23, 2018--S&P Global Ratings today assigned its 'B+' long-term issuer credit rating to Sigma HoldCo BV (UPFIELD, formerly Flora Food Group), a Netherlands-based manufacturer of margarine and other plant-based...
