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S&P rates B&B Hotels’ parent loans B, CCC
S&P said it assigned a B- issuer credit rating to B&B Hotels' parent company, Casper MidCo SAS, a B issue rating to the first-lien term loan B, and a CCC issue rating to the second-lien term loan B issued by Casper Bidco SAS.
The outlook is positive.
France-based budget hotel operator B&B Hotels has been acquired by Goldman Sachs' private equity division from PAI Partners for about €2 billion in a leveraged buyout, as agreed in May.
The debt structure to partly finance the LBO consists of a €120 million revolving credit facility, a €665 million first-lien term loan B and €155 million second-lien term loan B.
“We view the capital structure as highly leveraged, given our estimate of adjusted debt to EBITDA of 7.6x post transaction, particularly relative to the company's small scale, modest diversification, and high operating leverage model,” S&P said in a news release.
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