10.08.2016, 17:54
Fitch Downgrades Solocal's IDR and Bonds to 'C'
OREANDA-NEWS. Fitch Ratings has downgraded French media group Solocal Group SA's (SLG) Long-Term Issuer Default Rating (IDR) to 'C' from 'CC'. At the same time the agency has downgraded the senior secured bonds issued by PagesJaunes Finance to 'C'/'RR4' from 'CCC-'/'RR3'.
The downgrades reflect management's announced plans to restructure debt, include an equity rights issue of up to EUR400m, debt for equity exchange and write-down of existing borrowings, the gross amount of which currently stands at EUR1,164m. The company has indicated its aim of reducing net debt/EBITDA to 1.5x from the current 4.2x and outstanding debt to EUR400m from EUR1,164m at present.
The downgrades reflect management's announced plans to restructure debt, include an equity rights issue of up to EUR400m, debt for equity exchange and write-down of existing borrowings, the gross amount of which currently stands at EUR1,164m. The company has indicated its aim of reducing net debt/EBITDA to 1.5x from the current 4.2x and outstanding debt to EUR400m from EUR1,164m at present.
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