October 03, 2024 07:13 GMT
BASIC INDUSTRIES: Lanxess (LXSGR Baa3[N]/NR/NR): Asset Sale
BASIC INDUSTRIES
Inorganic deleveraging for Lanxess, credit positive as it may protect the IG rating.
- Lanxess agrees the sale of its Urethane Systems business for €460mn EV.
- Use of proceeds will reduce debt. It says leverage will come down ~0.5x.
- Should bring leverage close to Moody’s 3.5x upper threshold, consensus was 4.2x FY24.
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