S&P: U. K.-Based Lead Recycler Eco-Bat Technologies Ratings Withdrawn Following Bond Repayment At Issuer's Request
We also affirmed our 'CCC+' issue rating, with a '3' recovery rating, on Eco-Bat Finance PLC's €300 million senior unsecured notes due February 2017. We then withdrew these ratings at the issuer's request.
We are withdrawing our ratings on Eco-Bat at the company's request following the redemption of its €300 million senior notes due 2017. Eco-Bat redeemed the notes with cash on hand (about ?450 million as of June 30, 2016) and with proceeds from a ?20.4 million share issuance to existing shareholders. The notes have been redeemed at a price of 100% of the principal amount plus accrued and unpaid interests. The redemption was conditional upon Eco-Bat's entry into a new loan facility agreement, intended to replace the current European facilities maturing in September 2016.
Prior to withdrawal, the ratings on Eco-Bat reflected our view of the risk of Eco-Bat's credit profile being affected by its parent and 87% owner EB Holdings' payment-in-kind loan maturing March 2017. At the time of withdrawal, the outlook was negative. For more details, see "U. K.-Based Eco-Bat Technologies Outlook Revised To Negative On Continued PIK Loan Uncertainty; 'CCC+' Ratings Affirmed," published March 30, 2016, on RatingsDirect.