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NEWS

COVID-19-Related Public Rating Actions On Nonfinancial Corporations And Affected European CLOs

COMMENTS

Private Credit Could Bridge The Infrastructure Funding Gap

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The Opportunity Of Asset-Based Finance Draws In Private Credit

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Private Credit Casts A Wider Net To Encompass Asset-Based Finance And Infrastructure

COMMENTS

Weekly European CLO Update


COVID-19-Related Public Rating Actions On Nonfinancial Corporations And Affected European CLOs

In response to investors' growing interest in the coronavirus pandemic and its credit effects on companies and European collateralized loan obligations (CLOs), S&P Global Ratings is publishing a regularly updated list of rating actions we have taken globally on nonfinancial corporations, which have had an effect on European CLOs, and a summary table. These are public ratings where we mention the coronavirus pandemic as one factor or in combination with others. For more information, please see "COVID-19: Coronavirus-Related Public Rating Actions On Corporations And Sovereigns To Date".

Table 1

Rating Actions On Global Nonfinancial Corporations (July 28, 2020)
Issuer Total notional exposure in European CLOs (€) No. Of affected European CLOs Determining the rating input for CDO Evaluator*
Netflix Inc. 9,510,000 5 Impact
Novem Group GmbH 22,717,000 16 Impact
*See paragraph 6 of our "Global Methodology And Assumptions For CLOs And Corporate CDOs," published on June 21, 2019.

Table 2

Assets Affected By Recent Rating Actions On Nonfinancial Corporate Issuers (July 28, 2020)
Obligor Asset CUSIP ISIN FIGI Rating CreditWatch
Netflix Inc. EUR1.1 bil 3.625% sr nts due 06/15/2030 ZQ2339088 XS2072829794 N/A BB N/A
Netflix Inc. EUR470 mil 3.00% sr nts due 06/15/2025 BJ0691185 XS2166217278 N/A BB N/A
Novem Group GmbH EUR400 mil fltg rate nts due 05/15/2024 ZS8349871 XS1843435410 N/A B+ N/A
N/A--Not available.

Table 3

Rating Actions On Global Nonfinancial Corporations
Date Issuer Total notional exposure in European CLOs (€) No. Of affected European CLOs Determining the rating input for CDO Evaluator*
July 28, 2020 Netflix Inc. 9,510,000 5 Impact
July 28, 2020 Novem Group GmbH 22,717,000 16 Impact
July 22, 2020 Delachaux S.A. 209,780,917 87 Impact
July 20, 2020 IHO Verwaltungs GmbH 25,150,000 18 No change
July 15, 2020 ASR Media and Sponsorship S.p.A. 10,840,000 11 No change
July 14, 2020 Mulhacen Pte. Ltd. 8,450,000 6 Impact
July 13, 2020 Inter Media and Communication S.p.A. 6,604,033 5 Impact
July 13, 2020 International Park Holdings B.V. 166,400,777 61 Impact
July 10, 2020 Carlson Travel Inc. 23,441,000 12 Impact
July 10, 2020 Pinnacle Bidco PLC 1,469,000 1 No change
July 7, 2020 Coty Inc. 167,146,671 56 No change
July 2, 2020 KAEFER Isoliertechnik GmbH & Co. KG 2,000,000 1 Impact
July 1, 2020 Ineos Group Holdings S.A. 1,000,000 1 Impact
July 1, 2020 Inovyn Finance PLC 214,516,131 78 Impact
June 29, 2020 Selecta Group B.V. 29,250,000 12 Impact
June 26, 2020 ASR Media and Sponsorship S.p.A. 10,840,000 11 No change
June 26, 2020 Inter Media and Communication S.p.A. 6,604,033 5 No change
June 26, 2020 JACOBS DOUWE EGBERTS International B.V. 65,413,361 30 No change
June 25, 2020 Comet Bidco Limited 14,579,360 7 No change
June 25, 2020 Promotora de Informaciones S.A. 16,886,825 5 No change
June 24, 2020 Global Blue Acquisition B.V. 121,966,870 36 Impact
June 24, 2020 Promotora de Informaciones S.A. 95,933,719 27 No change
June 19, 2020 Faurecia SE 4,600,000 8 Impact
June 19, 2020 Forming Machining Industries Holdings, LLC 1,361,283 2 Impact
June 19, 2020 Raffinerie Heide GmbH 2,250,000 2 Impact
June 17, 2020 Albea Beauty Holdings S.A. 137,766,394 50 No change
June 17, 2020 Hercule Debtco S.a r.l. 5,450,000 4 No change
June 16, 2020 Screenvision, LLC 4,230,701 3 Impact
June 11, 2020 Banijay Group SAS 11,283,000 16 No change
June 10, 2020 Cassini SAS 124,089,582 48 Impact
June 10, 2020 Foodco Bondco SAU 31,341,000 31 Impact
June 9, 2020 OQ Chemicals Holding Drei GmbH 176,448,739 58 Impact
June 9, 2020 Pro.Gest SpA 8,200,000 3 No change
June 4, 2020 Swissport Financing S.a r.l. 214,103,814 72 Impact
June 3, 2020 AMC Entertainment Holdings Inc. 4,773,000 1 Impact
June 3, 2020 PHM Netherlands Midco B.V. 27,240,000 9 Impact
June 2, 2020 Al Alpine AT Bidco 204,300,448 73 Impact
May 29, 2020 Carlson Travel Inc. 26,441,000 12 Impact
May 29, 2020 Downstream Development Authority 3,705,934 2 Impact
May 29, 2020 Infor (US) Inc. 289,066,723 75 Impact
May 29, 2020 Technicolor S.A. 104,407,547 29 Impact
May 28, 2020 AnaCap Financial Europe S.A. 56,100,000 25 No change
May 28, 2020 William Hill PLC 1,000,000 1 Impact
May 27, 2020 Contourglobal Power Holdings S.A. 1,000,000 1 Impact
May 21, 2020 Jacobs Douwe Egberts International B.V. 57,062,578 26 Impact
May 20, 2020 Downstream Development Authority 3,707,825 2 Impact
May 20, 2020 Groupe Ecore Holding 3,200,000 3 Impact
May 20, 2020 Nordex SE 3,600,000 2 Impact
May 19, 2020 Schoeller Packaging B.V. 2,500,000 4 Impact
May 18, 2020 L1R HB Finance Ltd. 104,315,137 30 Impact
May 14, 2020 U.S. Renal Care Inc. 6,806,319 3 Impact
May 13, 2020 Foodco Bondco SAU 31,341,000 31 Impact
May 8, 2020 APCOA Parking Holdings GmbH 124,357,454 36 Impact
May 8, 2020 Playtech PLC 34,352,000 26 Impact
May 8, 2020 Mohegan Tribal Gaming Authority 5,347,588 3 Impact
May 6, 2020 DexKo Global Inc. 80,892,362 28 Impact
May 5, 2020 Sisal Group S.P.A 13,114,500 22 Impact
May 4, 2020 Envision Healthcare Corp. 6,265,132 3 Impact
May 4, 2020 Gamenet Group S.p.A. 69,256,199 47 No change
April 29, 2020 Rodenstock GmbH 43,135,271 27 Impact
April 28, 2020 QualTek USA, LLC 1,325,196 2 Impact
April 27, 2020 GHD Verwaltung GesundHeits GmbH Deutschland GmbH 62,548,000 37 Impact
April 23, 2020 Marcolin SpA 12,821,000 6 Impact
April 23, 2020 Novafives 56,891,000 27 Impact
April 22, 2020 Breitling Financing S.a r.l. 132,350,305 52 Impact
April 21, 2020 Altice Luxembourg SA 2,333,334 3 Impact
April 21, 2020 Diamond (BC) B.V. 233,253,097 54 Impact
April 21, 2020 P&ISWBidco GmbH 17,300,000 8 Impact
April 21, 2020 Perstorp Holding AB 137,608,623 54 Impact
April 21, 2020 Safety Products/JHC Acquisition Corp. 1,336,061 1 Impact
April 20, 2020 Faurecia SE 1,750,000 7 Impact
April 20, 2020 Lima Corporate S.p.a. 19,029,000 7 Impact
April 17, 2020 ASR Media and Sponsorship S.p.A. 10,840,000 11 Impact
April 17, 2020 Dynasty Acquisition Co., Inc. 936,145 1 Impact
April 17, 2020 Gestamp Automocion 1,000,000 1 Impact
April 17, 2020 Inter Media and Communication S.p.A. 5,810,000 4 Impact
April 16, 2020 Rubix Group Finco Ltd. 184,702,848 49 Impact
April 16, 2020 Sazka Group A.S. 4,830,000 3 Impact
April 16, 2020 Tele Columbus AG 265,600,711 72 Impact
April 15, 2020 AnaCap Financial Europe S.A. 54,300,000 24 Impact
April 15, 2020 Arrow Global Group PLC 35,846,000 15 No change
April 15, 2020 B2Holding ASA 2,000,000 1 Impact
April 15, 2020 Finastra Group Holdings Ltd. 822,658 1 Impact
April 15, 2020 Intrum AB (publ) 44,550,000 14 Impact
April 15, 2020 Louvre Bidco 29,314,000 26 Impact
April 15, 2020 Misys Europe SA 231,237,708 69 Impact
April 14, 2020 Awaze Ltd. 103,935,745 39 Impact
April 14, 2020 Novem Group GmbH 16,823,000 13 Impact
April 14, 2020 Shift4 Payments LLC 876,801 1 Impact
April 13, 2020 HGIM Corp. 8,852,950 3 Impact
April 13, 2020 Wireco Worldgroup Inc. 1,284,405 1 Impact
April 10, 2020 First American Payment Systems LP 2,684,082 2 Impact
April 9, 2020 Global Blue Acquisition B.V. 91,536,428 29 Impact
April 9, 2020 Promontoria Holding 264 B.V. 78,586,000 40 Impact
April 9, 2020 Swissport Financing S.a r.l. 253,934,464 81 Impact
April 9, 2020 Viskase Cos. Inc. 360,397 1 Impact
April 8, 2020 Advantage Sales & Marketing Inc. 7,935,913 3 Impact
April 8, 2020 Kongsberg Actuation Systems B.V. 13,900,000 11 Impact
April 8, 2020 Pinnacle Bidco Plc 1,469,000 1 Impact
April 7, 2020 Amer Sports Holding Oy 193,782,789 56 Impact
April 7, 2020 Burger King France S.A.S. 31,254,000 16 Impact
April 7, 2020 Tendam Brands S.A.U. 48,496,000 23 Impact
April 7, 2020 Tenneco Inc. 84,985,410 37 Impact
April 6, 2020 BBD Bidco Ltd. 152,858,090 67 Impact
April 6, 2020 Cookie Acquisition S.A.S. 64,940,629 35 No change
April 6, 2020 Envision Healthcare Corp. 6,224,599 3 Impact
April 3, 2020 ASP Unifrax Holdings Inc. 75,325,402 32 Impact
April 3, 2020 IHO Verwaltungs GmbH 95,453,000 67 Impact
April 3, 2020 Kapla Holding (Kiloutou) SAS 8,050,000 7 Impact
April 3, 2020 Unitymedia NRW GmbH 69,268 1 No change
April 2, 2020 AMC Entertainment Holdings Inc. 4,773,000 1 Impact
April 2, 2020 CHG PPC Parent LLC 38,570,330 19 Impact
April 2, 2020 Jaguar Land Rover Automotive PLC 1,500,000 1 Impact
April 2, 2020 Sunshine Luxembourg VII S.a.r.l. 128,702,098 51 Impact
April 2, 2020 Zephyr Midco 2 Ltd. 2,270,700 1 Impact
April 1, 2020 CatLuxe S.a.r.l. 44,200,868 23 Impact
April 1, 2020 Kirk Beauty One GmbH 2,143,000 3 Impact
April 1, 2020 Selecta Group b.v. 18,000,000 9 Impact
March 31, 2020 International Park Holdings B.V. 137,859,475 52 Impact
March 31, 2020 Loxam SAS 25,700,000 12 Impact
March 31, 2020 Piolin Bidco S.A.U. 194,998,770 77 Impact
March 31, 2020 Raffinerie Heide GmbH 2,250,000 2 Impact
March 31, 2020 Vincent Bidco B.V. 23,500,000 13 Impact
March 30, 2020 Ammega Group B.V. 151,932,406 56 Impact
March 30, 2020 Kestra Advisor Services Holdings A Inc. 1,814,131 1 Impact
March 27, 2020 LSF9 Balta Issuer S.A. 810,000 1 Impact
March 27, 2020 The Knot Worldwide Inc. 4,384,042 1 Impact
March 27, 2020 Thor Industries Inc. 76,827,242 24 Impact
March 26, 2020 Autokiniton US Holdings, Inc. 1,829,133 2 Impact
March 26, 2020 Clarios Global LP 326,310,262 86 Impact
March 26, 2020 EI Group Plc 1,507,000 1 Impact
March 26, 2020 Grupo Antolin Irausa SA 20,400,000 11 Impact
March 26, 2020 Stonegate Pub Co. Ltd. 4,500,000 1 Impact
March 25, 2020 LTI Holding, Inc. 904,758 1 Impact
March 25, 2020 Promotora de Informanciones S.A. 119,456,930 26 Impact
March 24, 2020 Altran Technologies S.A. 129,179,694 44 Impact
March 24, 2020 Coty Inc. 144,159,297 49 Impact
March 24, 2020 Naviera Armas, S.A. 31,264,000 13 Impact
March 24, 2020 SGL Carbon SE 5,610,000 4 Impact
March 24, 2020 Werner FinCo LP 7,976,789 3 Impact
March 23, 2020 Norican A/S 12,195,000 8 Impact
March 23, 2020 Specialty Chemicals Holding II B.V. 12,914,207 2 Impact
March 20, 2020 Cassini 107,256,084 40 Impact
March 20, 2020 Downstream Development Authority 3,661,081 2 Impact
March 20, 2020 eDreams ODIGEO S.A. 5,500,000 4 Impact
March 20, 2020 Hurtigruten Group AS 145,199,341 45 Impact
March 20, 2020 Mohegan Tribal Gaming Authority 5,368,356 3 Impact
March 20, 2020 Screenvision, LLC 4,514,331 3 Impact
March 20, 2020 The Chemours Company Co. 113,174,926 42 Impact
March 20, 2020 Transportes Aereos Portugueses, S.A. 3,000,000 3 Impact
March 18, 2020 Comet Bidco Limited 14,579,360 7 Impact
March 18, 2020 Kestra Advisor Services Holdings A, Inc. 1,814,131 1 Impact
March 17, 2020 Go Wireless Holdings, Inc. 273,224 1 Impact
March 17, 2020 International Game Technology Plc 28,850,000 16 Impact
March 16, 2020 AMC Entertainment Holdings Inc. 4,773,000 1 Impact
March 16, 2020 Amphora Finance Limited 15,396,000 6 Impact
March 16, 2020 Getty Images Inc. 67,774,357 25 Impact
March 13, 2020 Carlson Travel Inc 25,441,000 12 Impact
March 13, 2020 Mulhacen Pte. Ltd. 9,150,000 6 Impact
March 13, 2020 WireCo WorldGroup Inc. 1,321,722 2 Impact

Table 4

Assets Affected By Recent Rating Actions On Nonfinancial Corporate Issuers
Obligor Asset CUSIP ISIN FIGI Rating CreditWatch
Netflix Inc. EUR1.1 bil 3.625% sr nts due 06/15/2030 ZQ2339088 XS2072829794 N/A BB N/A
Netflix Inc. EUR470 mil 3.00% sr nts due 06/15/2025 BJ0691185 XS2166217278 N/A BB N/A
Novem Group GmbH EUR400 mil fltg rate nts due 05/15/2024 ZS8349871 XS1843435410 N/A B+ N/A
Delachaux S.A. EUR678 mil fltg rate Facility B1 bank ln due 04/16/2026 N/A N/A BBG00NN946Q8 B N/A
IHO Verwaltungs GmbH EUR500 mil 3.875% nts due 05/15/2027 ZS8102585 XS2004451121 N/A BB+ N/A
IHO Verwaltungs GmbH EUR750 mil 3.75% PIK toggle nts due 09/15/2026 QZ4832064 XS1490159495 N/A BB+ N/A
IHO Verwaltungs GmbH EUR800 mil 3.625% nts due 05/15/2025 N/A XS2004438458 N/A BB+ N/A
ASR Media and Sponsorship S.p.A. EUR275 mil 5.125% nts due 08/01/2024 AZ8437586 XS2037757684 N/A B N/A
Mulhacen Pte. Ltd. EUR515 mil 6.50% nts due 08/01/2023 AT7457860 XS1860537619 N/A CCC+ N/A
Inter Media and Communication S.p.A. EUR300 mil 4.875% nts due 12/31/2022 AQ3745314 XS1739592142 N/A B+ N/A
International Park Holdings B.V. EUR620 mil TL B bank ln due 2024 N/A N/A BBG00GSSQC98 B- N/A
Carlson Travel Inc. EUR330 mil nts due 06/15/2023 AL5725323 XS1535991498 N/A CC N/A
Pinnacle Bidco PLC £360 mil 6.375% nts due 02/15/2025 AQ4356368 XS1756633126 N/A CCC+ N/A
Coty Inc. EUR0 mil fltg rate loan Euro A bank ln due 04/05/2023 N/A N/A BBG00KFN2PB8 B- N/A
Coty Inc. EUR550 mil 4.00% sr nts due 04/15/2023 N/A XS1801786275 N/A B- N/A
Coty Inc. EUR850 mil fltg rate term B bank ln due 04/05/2025 N/A N/A BBG00KDBXKD1 B- N/A
KAEFER Isoliertechnik GmbH & Co. KG EUR250 mil 5.50% nts due 01/10/2024 N/A DE000A2NB965 N/A B+ N/A
Ineos Group Holdings S.A. EUR650 mil 5.375% nts due 08/01/2024 B8A3KHL51 XS1405769990 N/A BB Negative
Inovyn Finance PLC EUR1.06 bil TL B bank ln due 02/25/2027 N/A N/A BBG00RRN3WV2 BB- Negative
Selecta Group B.V. EUR325 mil fltg rate Callable nts due 02/01/2024 AQ7833843 XS1756359045 N/A CCC- Negative
ASR Media and Sponsorship S.p.A. EUR275 mil 5.125% nts due 08/01/2024 AZ8437586 XS2037757684 N/A B+ Negative
Inter Media and Communication S.p.A. EUR300 mil 4.875% nts due 12/31/2022 AQ3745314 XS1739592142 N/A B+ Negative
JACOBS DOUWE EGBERTS International B.V. EUR3.971 bil fltg rate Term Loan A bank ln due 11/01/2023 N/A N/A BBG00M4Z1FN9 BB+ Negative
JACOBS DOUWE EGBERTS International B.V. EUR401.037 mil fltg rate Term Loan B bank ln due 11/01/2025 N/A N/A BBG00M4Z1FP7 BB+ Negative
Comet Bidco Limited £315 mil fltg rate Facility B1 bank ln due 09/29/2024 N/A N/A BBG00HMLK151 CCC+ N/A
Promotora de Informaciones S.A. N/A N/A N/A N/A CCC+ N/A
Global Blue Acquisition B.V. EUR630 mil fltg rate TL B bank ln due 12/12/2022 N/A N/A BBG00HVTSLQ9 B Negative
Promotora de Informaciones S.A. N/A N/A N/A N/A CCC+ N/A
Faurecia SE EUR700 mil 2.375% callable nts due 06/15/2027 ZQ5987008 XS2081474046 N/A BB N/A
Forming Machining Industries Holdings LLC US$260 mil fltg rate 1st lien term bank ln due 10/09/2025 N/A N/A BBG00M0NRWG3 CCC+ N/A
Raffinerie Heide GmbH EUR250 mil 6.375% Callable nts due 12/01/2022 AQ1825472 XS1729059862 N/A CCC+ N/A
Albea Beauty Holdings S.A. EUR385 mil fltg rate bank ln due 04/12/2024 N/A N/A BBG00K7RLKP3 B N/A
Hercule Debtco S.a r.l. EUR150 mil 6.75% /7.5% PIK nts due 06/30/2024 ACI10HP08 XS1766604067 N/A B N/A
Screenvision, LLC US$175 mil fltg rate term B bank ln due 07/02/2025 N/A N/A BBG00L42XKK1 B N/A
Banijay Group SAS EUR400 mil 6.50% callable nts due 03/01/2026 ZP6062928 XS2112335752 N/A B N/A
Cassini SAS EUR568 mil Facility B bank ln due 03/28/2026 N/A N/A BBG00N0NNRR4 B- Negative
Foodco Bondco SAU EUR670 mil 6.25% nts due 05/15/2026 ZS3795706 XS1990733898 N/A CCC- N/A
OQ Chemicals Holding Drei GmbH EUR475 mil fltg rate Term Loan B-1 bank ln due 10/11/2024 due 10/11/2024 N/A N/A BBG00HQ07R79 B N/A
Pro.Gest SpA EUR250 mil 3.25% nts due 12/15/2024 AQ2722413 XS1733958927 N/A CCC+ N/A
Swissport Financing S.a r.l. EUR250 mil 9.00% nts due 02/15/2025 AZ8522718 XS2036842230 N/A CCC Negative
Swissport Financing S.a r.l. EUR410 mil 5.25% nts due 08/15/2024 AZ8522692 XS2036838634 N/A CCC Negative
Swissport Financing S.a r.l. EUR900 mil fltg rate Term Loan bank ln due 08/14/2024 N/A N/A BBG00RPTP0Z3 CCC Negative
AMC Entertainment Holdings Inc. £500 mil 6.375% sr nts due 11/15/2024 AN9202366 XS1512809606 N/A CC N/A
PHM Netherlands Midco B.V. EUR185 mil new tranche bank ln due 2026 N/A N/A BBG00RKG5JF9 B- N/A
Al Alpine AT Bidco EUR205 mil fltg rate 2nd Lien Term Loan bank ln due 10/25/2026 N/A N/A BBG00LTPMXJ9 B Negative
Al Alpine AT Bidco EUR980 mil fltg rate 1st Lien TL B bank ln due 10/25/2025 N/A N/A BBG00LTYKR32 B Negative
Carlson Travel Inc. EUR330 mil nts due 06/15/2023 AL5725323 XS1535991498 N/A CCC N/A
Downstream Development Authority US$270 mil 10.50% nts due 02/15/2023 26112TAJ5 US26112TAJ51 N/A CCC N/A
Infor (US) Inc. EUR1.002 bil fltg rate Term B-2 bank ln due 02/01/2022 N/A N/A BBG00J7K6XT6 BBB N/A
Technicolor S.A. EUR275 mil bank ln due 12/06/2023 N/A N/A BBG00G723VP3 CCC- N/A
Technicolor S.A. EUR450 mil bank ln due 12/06/2023 N/A N/A BBG00FB50FG1 CCC- N/A
AnaCap Financial Europe S.A. EUR325 mil fltg rate Callable nts due 08/01/2024 AO3128813 XS1649046874 N/A B N/A
William Hill PLC £350 mil 4.75% nts due 05/01/2026 ZS2789882 XS1989833816 N/A BB- N/A
Contourglobal Power Holdings S.A. EUR400 mil 4.125% nts due 08/01/2025 AT6381590 XS1859543073 N/A BB N/A
Jacobs Douwe Egberts International B.V. EUR3.97 bil fltg rate Term Loan A bank ln due 11/01/2023 N/A N/A BBG00M4Z1FN9 BB+ Positive
Jacobs Douwe Egberts International B.V. EUR401.04 mil fltg rate Term Loan B bank ln due 11/01/2025 N/A N/A BBG00M4Z1FP7 BB+ Positive
Downstream Development Authority US$270 mil 10.50% nts due 02/15/2023 26112TAJ5 US26112TAJ51 N/A SD N/A
Groupe Ecore Holding EUR255 mil fltg rate nts due 11/15/2023 AV6879150 XS1910293643 N/A CCC+ N/A
Nordex SE EUR275 mil 6.50% nts due 02/01/2023 AQ9341217 XS1713474168 N/A B- N/A
Schoeller Packaging B.V. EUR250 mil 6.375% nts due 11/01/2024 ZQ0990403 XS2070055095 N/A B- N/A
L1R HB Finance Ltd. EUR415.484 mil fltg rate TL B2 bank ln due 08/24/2024 N/A N/A BBG00H1JQ9G4 CCC+ N/A
L1R HB Finance Ltd. £450 mil fltg rate TL B1 bank ln due 08/24/2024 N/A N/A BBG00H1JQ9H3 CCC+ N/A
U.S. Renal Care Inc. US$1.6 bil fltg rate Term B bank ln due 06/26/2026 N/A N/A BBG00P9C8M10 B- N/A
Foodco Bondco SAU EUR670 mil 6.25% nts due 05/15/2026 ZS3795706 XS1990733898 N/A CCC+ N/A
APCOA Parking Holdings GmbH EUR514 mil fltg rate Term loan B bank ln due 03/20/2024 N/A N/A BBG00RKFDCV9 B N/A
Playtech PLC EUR350 mil 4.25% nts due 03/07/2026 AX4234438 XS1956187550 N/A BB- N/A
Playtech PLC EUR530 mil 3.75% nts due 10/12/2023 AU7768933 XS1849464323 N/A BB- N/A
Mohegan Tribal Gaming Authority US$910 mil fltg rate term B bank ln due 10/13/2023 N/A N/A BBG00GGSST29 CCC+ N/A
DexKo Global Inc. EUR180 mil fltg rate incremental 1st lien term B-3 bank ln due 07/24/2024 N/A N/A BBG00Q6K4088 B- N/A
DexKo Global Inc. EUR249.375 mil fltg rate 1st lien euro term B-1 bank ln due 07/24/2024 N/A N/A BBG00JPQ2GL2 B- N/A
Sisal Group S.P.A EUR400 mil 7.00% nts due 07/31/2023 LW8188135 XS1454980159 N/A B N/A
Envision Healthcare Corp. US$5.45 bil fltg rate 1st lien Term bank ln due 10/10/2025 N/A N/A BBG00L4GWFM0 CCC N/A
Gamenet Group S.p.A. EUR206.5 mil nts due 04/27/2023 AU5144814 XS1877354677 N/A B N/A
Gamenet Group S.p.A. EUR225 mil nts due 2023 AS2398665 XS1811351821 N/A B N/A
Rodenstock GmbH EUR395 mil fltg rate Term B bank ln due 06/13/2026 N/A N/A BBG00P51S4C4 B- N/A
QualTek USA, LLC US$380 mil fltg rate first lien term B bank ln due 07/18/2025 N/A N/A BBG00L7F9X46 B- N/A
GHD Verwaltung GesundHeits GmbH Deutschland GmbH EUR360 mil fltg rate TLB bank ln due 08/09/2026 N/A N/A BBG00PQCL7W5 B- N/A
Marcolin SpA EUR250 mil nts due 02/15/2023 AM3527430 XS1562036704 N/A B- N/A
Novafives EUR275 mil fltg rate Callable nts due 06/15/2025 AS1418787 XS1713466149 N/A B- N/A
Novafives EUR325 mil 5.00% Callable nts due 06/15/2025 AS1418001 XS1713466222 N/A B- N/A
Breitling Financing S.a r.l. EUR514 mil fltg rate Term Loan B bank ln due 07/06/2024 N/A N/A BBG00H1J2BT1 B- N/A
Altice Luxembourg SA EUR750 mil 6.25% nts due 02/15/2025 EK7174312 XS1117300241 N/A NR N/A
Diamond (BC) B.V. EUR450 mil 5.625% sr nts due 08/15/2025 AO4292261 XS1654544136 N/A CCC+ N/A
Diamond (BC) B.V. EUR970 mil fltg rate Euro term bank ln due 09/06/2024 N/A N/A BBG00H4BRLK5 CCC+ N/A
P&ISWBidco GmbH EUR355 mil fltg rate Term B bank ln due 04/30/2025 N/A N/A BBG00KK6PXD5 NR N/A
Perstorp Holding AB EUR510 mil fltg rate EURO term B bank ln due 04/12/2026 N/A N/A BBG00NGHYTV9 B- N/A
Safety Products/JHC Acquisition Corp. US$410 mil fltg rate 1st lien Term bank ln due 06/28/2026 N/A N/A BBG00PF2VX51 B- N/A
Safety Products/JHC Acquisition Corp. US$50 mil fltg rate 1st lien Delayed Draw Term bank ln due 06/28/2026 N/A N/A BBG00PF2VX60 B- N/A
Faurecia SE EUR700 mil 2.375% callable nts due 06/15/2027 ZQ5987008 XS2081474046 N/A BB+ Negative
Lima Corporate S.p.a. EUR275 mil fltg rate nts due 08/15/2023 AO5698300 XS1662516217 N/A B- N/A
ASR Media and Sponsorship S.p.A. EUR275 mil 5.125% nts due 08/01/2024 AZ8437586 XS2037757684 N/A B+ Negative
Dynasty Acquisition Co., Inc. US$1.522 bil fltg rate 1st lien term B-1 bank ln due 04/04/2026 N/A N/A BBG00RM5W767 B- N/A
Gestamp Automocion EUR400 mil 3.25% nts due 04/30/2026 AS3032578 XS1814065345 N/A BB Negative
Inter Media and Communication S.p.A. EUR300 mil 4.875% nts due 12/31/2022 AQ3745314 XS1739592142 N/A B+ Negative
Rubix Group Finco Ltd. EUR855 mil fltg rate Term B-1 bank ln due 09/08/2024 N/A N/A BBG00MF2LKD8 B- N/A
Sazka Group A.S. EUR300 mil nts ZP7082263 XS2113253210 N/A B+ N/A
Tele Columbus AG EUR707.463 mil fltg rate bank ln due 10/15/2024 N/A N/A BBG00LTQ6FG7 B- Negative
Tele Columbus AG -- AS4046411 XS1814546013 N/A B- Negative
AnaCap Financial Europe S.A. EUR325 mil fltg rate Callable nts due 08/01/2024 AO3128813 XS1649046874 N/A B+ Negative
Arrow Global Finance PLC EUR285 mil fltg rate nts due 03/01/2026 AR5972492 XS1713473350 N/A BB- N/A
Arrow Global Group PLC EUR400 mil fltg rate nts due 04/01/2025 AM9239667 XS1533918824 N/A BB- N/A
B2Holding ASA -- N/A NO0010822646 N/A B+ N/A
Finastra Group Holdings Ltd. US$1.245 bil fltg rate 2nd lien bank ln due 06/13/2025 N/A N/A BBG00PH23WJ7 CCC+ N/A
Intrum AB (publ) EUR850 mil 3.00% nts due 09/15/2027 ZR5212066 XS2052216111 N/A BB N/A
Intrum AB (publ) EUR900 mil 3.125% nts due 07/15/2024 AN9431635 XS1634532748 N/A BB N/A
Louvre Bidco EUR175 mil fltg rate nts due 09/30/2024 AU5731941 XS1885543691 N/A B+ N/A
Louvre Bidco EUR270 mil 4.25% nts due 09/30/2024 N/A XS1685582105 N/A B+ N/A
Misys Europe SA EUR940 mil fltg rate 1st lien bank ln due 06/13/2024 N/A N/A N/A CCC+ N/A
Awaze Ltd. EUR167 mil fltg rate Term loan 2nd lien bank ln due 05/07/2026 N/A N/A BBG00KN6KT19 B- N/A
Awaze Ltd. EUR599.14 mil fltg rate Term B1 bank ln due 05/07/2025 N/A N/A BBG00K6RZYD2 B- N/A
Novem Group GmbH EUR400 mil fltg rate nts due 05/15/2024 ZS8349871 XS1843435410 N/A B+ Negative
Shift4 Payments LLC US$500 mil fltg rate 1st lien term loan bank ln due 11/30/2024 N/A N/A BBG00J59Z5F7 B- N/A
HGIM Corp. US$350 mil fltg rate 1st lien term bank ln due 07/02/2023 N/A N/A BBG00LDN7B42 CCC+ N/A
Wireco WorldGroup Inc. US$460 mil fltg rate 1st lien bank ln due 09/30/2023 N/A N/A BBG00DB4W807 B- N/A
First American Payment Systems LP US$275 mil 1st lien term bank ln due 2027 N/A N/A BBG00RN54PQ5 B- N/A
Global Blue Acquisition B.V. EUR630 mil fltg rate TL B bank ln due 12/12/2022 N/A N/A BBG00HVTSLQ9 B+ N/A
Promontoria Holding 264 B.V. EUR260 mil fltg rate nts due 08/15/2023 AT7732320 XS1860216909 N/A B- N/A
Promontoria Holding 264 B.V. EUR400 mil 6.75% nts due 08/15/2023 AT7751346 XS1860222543 N/A B- N/A
Swissport Financing S.a r.l. EUR250 mil 9.00% nts due 02/15/2025 AZ8522718 XS2036842230 N/A CCC N/A
Swissport Financing S.a r.l. EUR410 mil 5.25% nts due 08/15/2024 AZ8522692 XS2036838634 N/A CCC N/A
Swissport Financing S.a r.l. EUR900 mil fltg rate Term Loan bank ln due 08/14/2024 N/A N/A BBG00PVJND13 CCC N/A
Viskase Cos. Inc. US$275 mil fltg rate term B bank ln due 01/30/2021 N/A N/A BBG005SW31N6 CCC N/A
Advantage Sales & Marketing Inc. US$2.01 bil fltg rate 1st lien TL B1 bank ln due 07/23/2021 N/A N/A BBG006QSV083 CCC+ Developing
Advantage Sales & Marketing Inc. US$575 mil fltg rate 1st lien term bank ln ser B-2 due 07/23/2021 N/A N/A BBG00GGSVKV2 CCC+ Developing
Kongsberg Actuation Systems B.V. EUR275 mil 5.00% nts due 07/15/2025 AT5191412 XS1843461689 N/A B- Negative
Pinnacle Bidco Plc £360 mil 6.375% nts due 02/15/2025 N/A XS1756633126 N/A B- Negative
Amer Sports Holding Oy EUR1.7 bil fltg rate Facility B bank ln due 03/30/2026 N/A BBG00M90BRZ1 B- N/A
Burger King France S.A.S. EUR250 mil fltg rate nts due 05/01/2023 AN2063328 XS1600481821 N/A B- Negative
Tendam Brands S.A.U. EUR275 mil 5.00% nts due 09/15/2024 AO9891422 XS1681770464 N/A B Negative
Tendam Brands S.A.U. EUR325 mil fltg rate nts due 09/15/2024 AO9889798 XS1681774888 N/A B Negative
Tenneco Inc. EUR300 mil fltg rate nts due 04/15/2024 AM9272288 XS1587913663 N/A B Negative
Tenneco Inc. EUR350 mil 5.00% sr nts due 07/15/2024 AO0843364 XS1639490918 N/A B Negative
Tenneco Inc. EUR415 mil 4.875% nts due 04/15/2022 N/A XS1587905727 N/A B Negative
Tenneco Inc. US$1.7 bil fltg rate term B bank ln due 10/01/2025 N/A N/A BBG00KK7NNY4 B Negative
BBD Bidco Ltd. £525 mil fltg rate Term B1 bank ln due 06/25/2026 N/A N/A BBG00PMGLSF3 B- N/A
BBD Bidco Ltd. EUR534.493 mil fltg rate Term B2 bank ln due 06/25/2026 N/A N/A BBG00PMGLSR0 B- N/A
Cookie Acquisition S.A.S. EUR490 mil bank ln due 02/12/2026 N/A N/A BBG00R23JPH7 B N/A
Envision Healthcare Corp. US$5.45 bil fltg rate 1st lien Term bank ln due 10/10/2025 N/A N/A BBG00L4GWFM0 CC N/A
ASP Unifrax Holdings Inc. EUR310 mil fltg rate 1st lien term bank ln due 12/12/2025 N/A N/A BBG00M861NT6 CCC+ N/A
IHO Verwaltungs GmbH EUR500 mil 3.875% nts due 05/15/2027 ZS8102585 XS2004451121 N/A BBB- Negative
IHO Verwaltungs GmbH EUR750 mil 3.75% PIK toggle nts due 09/15/2026 QZ4832064 XS1490159495 N/A BBB- Negative
IHO Verwaltungs GmbH EUR800 mil 3.625% nts due 05/15/2025 N/A XS2004438458 N/A BBB- Negative
Kapla Holding (Kiloutou) SAS EUR400 mil fltg rate nts due 12/15/2026 ZQ8405339 XS2010033269 N/A B N/A
Kapla Holding (Kiloutou) SAS EUR460 mil 3.375% nts due 12/15/2026 ZQ8405297 XS2010034077 N/A B N/A
Unitymedia NRW GmbH EUR500 mil 3.50% callable bnds due 01/15/2027 N/A XS1197205591 N/A BBB N/A
AMC Entertainment Holdings Inc. £500 mil 6.375% sr nts due 11/15/2024 AN9202366 XS1512809606 N/A CCC- N/A
CHG PPC Parent LLC EUR190 mil 1st lien term bank ln due 04/01/2025 N/A N/A N/A B- N/A
Jaguar Land Rover Automotive PLC £400 mil 3.875% nts due 03/01/2023 EK7640783 XS1195502031 N/A B N/A
Sunshine Luxembourg VII S.a.r.l. EUR971 mil fltg rate bank ln due 09/25/2026 N/A N/A N/A B- N/A
Zephyr Midco 2 Ltd. -- N/A N/A N/A B- N/A
CatLuxe S.a.r.l. EUR154 mil fltg rate Term Loan B2 bank ln due 09/28/2024 N/A N/A N/A CCC+ N/A
CatLuxe S.a.r.l. EUR61 mil fltg rate Term Loan B1 bank ln due 09/28/2024 N/A N/A N/A CCC+ N/A
Kirk Beauty One GmbH EUR335 mil 8.75% callable nts due 07/15/2023 EK9956591 XS1251078694 N/A CCC+ N/A
Selecta Group B.V. EUR325 mil fltg rate Callable nts due 02/01/2024 AQ7833843 XS1756359045 N/A B- N/A
Selecta Group B.V. EUR765 mil 5.875% nts due 02/01/2024 AQ7833710 XS1756356371 N/A B- N/A
International Park Holdings B.V. EUR620 mil TL B bank ln due 2024 N/A N/A BBG00GSSQC98 B- Negative
Loxam SAS EUR300 mil 3.50% nts due 04/15/2022 N/A XS1591779399 N/A B N/A
Loxam SAS EUR300 mil 4.25% nts due 04/15/2024 B8A45YL83 XS1590066624 N/A B N/A
Loxam SAS EUR450 mil 3.75% callable nts due 07/15/2026 AZ6549713 XS2031871069 N/A B N/A
Piolin Bidco S.A.U. EUR692 mil fltg rate Term B1 bank ln due 09/16/2026 N/A N/A BBG00PV1RCQ3 B- Negative
Raffinerie Heide GmbH EUR250 mil 6.375% Callable nts due 12/01/2022 AQ1825472 XS1729059862 N/A B- N/A
Vincent Bidco B.V. EUR320 mil fltg rate Term bank ln due 12/16/2026 N/A N/A BBG00QN4RGQ5 B- N/A
Ammega Group B.V. EUR980 mil fltg rate Facility B bank ln due 06/16/2025 N/A N/A BBG00LCXSZ63 B- N/A
Kestra Advisor Services Holdings A Inc. US$410 mil 1st Lien bank ln N/A N/A BBG00NW3WFM4 B N/A
LSF9 Balta Issuer S.A. EUR290 mil 7.75% callable nts due 09/15/2022 UV3539714 XS1265917481 N/A B- N/A
The Knot Worldwide Inc. EUR30.69 mil fltg rate 2nd lien term bank ln due 12/21/2026 N/A N/A BBG00GB843Z5 B Negative
Thor Industries Inc. EUR617.718 mil fltg rate EURO term bank ln due 02/01/2026 N/A N/A N/A BB- N/A
Thor Industries Inc. US$1.386 bil fltg rate US term bank ln due 02/01/2026 N/A N/A N/A BB- N/A
Autokiniton US Holdings, Inc. US$250 mil fltg rate Term B bank ln due 05/22/2025 N/A N/A BBG00Q5MK0P8 B Negative
Clarios Global LP EUR1.955 bil fltg rate 1st lien term bank ln due 04/30/2026 N/A N/A BBG00NHJQL31 B N/A
Clarios Global LP EUR700 mil 4.375% nts due 05/15/2026 AX5655565 XS1964638107 N/A B N/A
EI Group Plc £150 mil 7.50% callable nts due 03/15/2024 AU4297167 XS1879515424 N/A CCC+ N/A
Grupo Antolin Irausa SA EUR250 mil 3.375% nts due 04/30/2026 AS2626537 XS1812087598 N/A B- N/A
Grupo Antolin Irausa SA EUR400 mil 3.25% nts due 04/30/2024 N/A XS1598243142 N/A B- N/A
Stonegate Pub Co. Ltd. -- N/A N/A N/A CCC+ N/A
LTI Holding, Inc. US$1.3 bil fltg rate 1st lien term bank ln due 09/06/2025 N/A N/A BBG00LL3ZM60 CCC+ N/A
Promotora de Informanciones S.A. -- N/A N/A N/A B- Negative
Altran Technologies S.A. EUR1.38 bil fltg rate TLB bank ln due 02/15/2025 N/A N/A BBG00JFDVCJ2 BBB N/A
Coty Inc. EUR0 mil fltg rate loan Euro A bank ln due 04/05/2023 N/A N/A BBG00KFN2PB8 B Negative
Coty Inc. EUR550 mil 4.00% sr nts due 04/15/2023 N/A XS1801786275 N/A B Negative
Coty Inc. EUR850 mil fltg rate term B bank ln due 04/05/2025 N/A N/A BBG00KDBXKD1 B Negative
Naviera Armas, S.A. EUR282 mil nts due 07/31/2023 B8A3K6TY4 XS1459821036 N/A B- N/A
Naviera Armas, S.A. EUR300 mil fltg rate nts due 11/15/2024 AP9769369 XS1717590563 N/A B- N/A
SGL Carbon SE EUR250 mil 4.625% callable nts due 09/30/2024 AX9592723 XS1945271952 N/A CCC+ N/A
Werner FinCo LP US$360 mil fltg rate Term bank ln due 07/24/2024 N/A N/A BBG00GXRRR81 B- N/A
Norican A/S EUR340 mil 4.50% nts due 05/15/2023 AN4208251 XS1577963058 N/A B- N/A
Specialty Chemicals Holding II B.V. EUR229.84 mil fltg rate Term loan bank ln due 05/15/2024 N/A N/A N/A B+ N/A
Specialty Chemicals Holding II B.V. US$199.256 mil fltg rate Term loan bank ln due 05/15/2024 N/A N/A N/A B+ N/A
Cassini EUR568 mil Facility B bank ln due 03/28/2026 N/A N/A BBG00N0NNYQ0 B- N/A
Downstream Development Authority US$270 mil 10.50% nts due 02/15/2023 26112TAJ5 US26112TAJ51 N/A CCC Negative
eDreams ODIGEO S.A. EUR425 mil 5.50% nts due 09/01/2023 AU4762905 XS1879565791 N/A B Negative
Hurtigruten Group AS EUR655 mil fltg rate Term loan Facility B bank ln due 02/09/2025 N/A N/A BBG00JVDDW46 CCC+ N/A
Mohegan Tribal Gaming Authority US$910 mil fltg rate term B bank ln due 10/13/2023 N/A N/A BBG00GGSST29 B- Negative
Screenvision, LLC US$175 mil fltg rate term B bank ln due 07/02/2025 N/A N/A BBG00L42XKK1 B Negative
The Chemours Company Co. EUR350 mil fltg rate Term B-2 bank ln due 04/03/2025 N/A N/A BBG00KBB2J22 B+ N/A
The Chemours Company Co. EUR450 mil 4.00% nts due 05/15/2026 AS7476128 XS1827600724 N/A B+ N/A
Transportes Aereos Portugueses, S.A. EUR750 mil 5.625% nts due 12/02/2024 X91910AB9 PTTAPDOM0005 N/A B Negative
Comet Bidco Limited £315 mil fltg rate Facility B1 bank ln due 09/29/2024 N/A N/A BBG00HMLK151 B- Negative
Kestra Advisor Services Holdings A, Inc. US$410 mil 1st Lien bank ln N/A N/A BBG00NW3WFM4 B+ Negative
Go Wireless Holdings, Inc. US$300 mil fltg rate 1st lien term bank ln due 12/22/2024 38019UAB8 US38019UAA07 N/A B Negative
International Game Technology Plc EUR500 mil 2.375% nts due 04/15/2028 ZR5212306 XS2051904733 N/A BB Negative
International Game Technology Plc EUR500 mil 3.50% nts due 07/15/2024 B8A58F5U7 XS1844997970 N/A BB Negative
International Game Technology Plc EUR500 mil nts due 01/15/2026 AZ0978447 XS2009038113 N/A BB Negative
AMC Entertainment Holdings Inc. £500 mil 6.375% sr nts due 11/15/2024 AN9202366 XS1512809606 N/A B Negative
Amphora Finance Limited £301 mil fltg rate Facility B bank ln due 04/25/2025 N/A N/A BBG00KJQWXF3 B- N/A
Getty Images Inc. EUR450 mil fltg rate euro term bank ln due 02/19/2026 N/A N/A BBG00N2FT3K3 B- Negative
Carlson Travel Inc EUR330 mil nts due 06/15/2023 AL5725323 XS1535991498 N/A B- Negative
Mulhacen Pte. Ltd. EUR515 mil 6.50% nts due 08/01/2023 AT7457860 XS1860537619 N/A B- N/A
WireCo WorldGroup Inc. US$460 mil fltg rate 1st lien bank ln due 09/30/2023 N/A N/A BBG00KRX2F70 B Negative

This report does not constitute a rating action.

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