DBRS, Inc. (DBRS Morningstar) assigned ratings of BBB, Under Review with Positive Implications, to Americold Realty Operating Partnership’s (Americold or the Partnership) EUR 400 Million 1.62% Series D, due January 7, 2031, Senior Unsecured Notes, and its EUR 350 Million 1.65% Series E, due January 7, 2033, Senior Unsecured Notes (together, the Notes). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Notes.
The Notes are direct senior unsecured obligations of Americold and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Partnership, to the extent prescribed by law.
DBRS Morningstar understands that the net proceeds from the offering, together with cash on hand, will be used to partially fund the Agro Merchants Group acquisition announced by Americold, to repay term loan debt, and for general corporate purposes.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
All figures are in euros unless otherwise noted.
The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
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