In January 2013, privately-owned French equipment rental company Loxam SAS issued a ?300 million subordinated unsecured seven-year bond to fund the growth of its business, including possibly through acquisitions for a maximum of ?150 million. A syndicate of banks also granted Loxam a ?75 million revolving credit facility. The final documentation on the bond and new revolving credit facility match the documents we reviewed when assigning our preliminary 'BB-' long-term rating to Loxam on Jan. 15, 2013. We are therefore assigning our 'BB-' long-term rating to Loxam, and our 'B' issue rating and '6' recovery rating to its ?300 million bond. The stable outlook reflects our view that Loxam should be able to maintain credit ratios commensurate with the company's...
Companies mentioned in this report are:
- Loxam SAS
Action: New Rating
Action: Outlook: Stable
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Research type: News
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