Commentary & Deal Flow

Moody's/S&P rate HT Troplast GmbH (profine GmbH) EUR330m 144A/Reg S sr sec 1st lien notes due 2025 (5y) B3/B- (stable/stable). Secured by 1st priority security interest in the shares of the issuer and most of the guarantors, bank accounts, certain current and fixed assets, trade receivables and land charge over real property. The guarantor coverage represents over 80% of EBITDA and 70%% of assets of the group. Via JPM+.