Fitch assigns Eisner Advisory B

Fitch Ratings said it assigned a first-time issuer default rating of B to Eisner Advisory Group LLC. The agency also gave BB/RR1 ratings to the $40 million super-priority revolver and B+/RR3 ratings to the $400 million senior secured term loan and $40 million senior secured delayed-draw term loan.

TowerBrook Capital Partners LP is acquiring the company.

“Following the LBO by TowerBrook, Eisner will be levered at 4.8x on a net basis using LTM April 2021 EBITDA. Fitch believes this mid-single-digit leverage limits the company to the B rating category. Fitch expects leverage to remain in the mid-single digits over the rating horizon. Although the sponsor has not indicated a clear financial policy over the rating horizon, Fitch believes the presence of the $40 million DDTL in the company's new credit agreement indicates that the company will likely pursue acquisitions over the rating horizon,” the agency said in a press release.

The outlook is stable.

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