S&P assigns Cboe notes A-

S&P said it gave Cboe Global Markets’ planned $500 million of senior unsecured notes an A- rating.

Proceeds are expected to be used to finance the previously announced acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and for general corporate purposes.

“We project leverage will peak at 1.5x pro forma at the end of 2020 (from 1.2x at the end of September 2020) but return to 1.2x by the end of 2021, thanks to strong cash flow generation and our expectation of lower share repurchases in 2021 than in 2020,” S&P said in a press release.

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