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No impact on GVC George's Venture Capital Zrt.'s BB/Stable rating from change of bond terms
GVC George's Venture Capital Zrt. intends to issue a senior unsecured corporate bond under the Hungarian National Bank’s Bond Funding for Growth Scheme in Q4 2020. The bond will now amortise at 20% yearly from 2026 until maturity. The fixed annual coupon and 10-year tenor remain unchanged. However, intended uses of the bond proceeds have changed slightly. They include the financing of expansion plans via capital expenditure on dietary kitchen plants (HUF 5.8bn) and the refinancing of existing loans (HUF 1.2bn)
The rating case for GVC George's Venture Capital Zrt. BB/Stable issuer rating remains unchanged, as Scope Ratings had already incorporated the bond issuance into its base case.
The recovery calculation for the initial BB senior unsecured debt rating in September 2020 included the envisaged bond. Therefore, the rating case for senior unsecured debt also remains intact.
This publication does not constitute a credit rating action. Scope assigned a first-time rating of BB to GVC George's Venture Capital Zrt. on 22 September 2020. For the official credit rating action release click here.