As per an ad hoc announcement on 14 December 2018, BioEnergie Taufkirchen GmbH & Co. KG (rated BB-/Stable) has announced it will sell its limited-partnership interests to Stadtwerke München GmbH. The transfer of the interests remains dependent on several suspensive conditions, such as approval from the Federal Cartel Office. The company will exercise the early-redemption option of its EUR 15m senior secured corporate bond (ISIN DE000A1TNHC0) upon a change of control, which is the likely scenario. The company can redeem its bond early at 101% between 9 July 2018 and 8 July 2019, or at 100.5% between 9 July 2019 and 8 July 2020, in accordance with paragraph 4 (6).

On 10 July 2018 Scope affirmed its BB-/Stable issuer rating for BioEnergie Taufkirchen GmbH & Co. KG as well as the BBB- debt instrument rating for the company’s senior secured bond. The affirmation of the issuer rating is based on the company’s robust interest coverage in line with expectations. The debt instrument rating reflects Scope’s view on the overcollateralisation from recoverable assets.

This publication does not constitute a credit rating action. For the official credit rating action release click here.