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S&P rates Inmarsat loan, notes B+, on CreditWatch negative
S&P said it assigned preliminary B+ ratings to Connect Bidco Ltd. (Inmarsat) and its proposed $2.7 billion senior secured term loan B, $1.125 billion senior secured notes and $700 million revolving credit facility.
The agency assigned a recovery rating of 3 to the debt.
A consortium is taking the company private in a leveraged buyout.
“The leveraged buyout will be partially funded by $3.825 billion of senior secured debt and we expect Inmarsat’s S&P Global Ratings-adjusted debt to EBITDA to increase to about 6x in 2019, before improving toward 5x in 2020-2021 amid solid EBITDA growth,” said S&P in a press release.
The agency also placed the BB rating on Inmarsat plc on CreditWatch with negative implications.
The outlook is stable.
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