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S&P assigns Albion BB-
S&P said it assigned Albion Holdco Ltd. (Aggreko) a BB- issuer rating. The agency also gave BB- with a 3 recovery rating to its planned secured debt and B issue with 6 recovery ratings to its new unsecured debt.
TDR Capital and I-Squared have each acquired 50% Albion Holdco Ltd. for £2.29 billion. Aggreko will repay any outstanding debt with new issuances and an equity injection.
The deal is being funded with a package of £2.5 billion-equivalent, comprising £1.7 billion-equivalent of senior secured debt. Additionally, there is £350 million-equivalent of senior unsecured debt, a new £300 million senior secured revolving credit facility and a new £150 million bonding line facility. The new revolver is expected to be £70 million drawn at transaction close.
“We forecast adjusted debt to EBITDA of about 4.6x-4.8x in 2021, and at similar levels in 2022. We also expect funds from operations (FFO) to debt will be about 12%-14% through 2022. Aggreko's cash interest costs will be higher, but we expect FFO cash interest coverage to be about 3x-4x through 2022,” the agency said in a press release.
The outlook is stable.
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