S&P rates BIFM CA Buyer loan B

S&P said it assigned B issue-level and 4 recovery ratings to BIFM UK Buyer Ltd.'s subsidiary BIFM CA Buyer Inc.'s new C$1.235 billion term loan due 2028. The recovery rating indicates average (30%-50%; rounded estimate 35%) recovery in a simulated default.

“Our issuer credit rating remains B and reflects our view that an extended debt maturity profile enhances the company's financial flexibility as it executes growth initiatives,” S&P said in a statement.

The company will use proceeds to refinance the first-lien term loan due 2026 and the second-lien term loan due 2027. BIFM will also use some of the proceeds for tuck-in acquisitions.

The outlook is stable.

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