S&P assigns B2 to IMA notes

S&P said it assigned a B2 rating to IMA SpA’s €450 million of senior secured floating rate notes. The outlook was changed to positive from stable.

The agency also affirmed the B2 ratings on the company and its outstanding €830 million of senior secured fixed-rate notes due 2028 and the €450 million of senior secured floating-rate notes due 2028.

The proceeds will be used to repay the around €408 million total of PIK notes issued by Sofima SpA, including accrued PIK interest and redemption costs, for the financing of bolt-on M&A activity, and to fund transaction-related fees and expenses.

“Moody's expects the company to grow revenues in the mid to high-single digits in the next 12-18 months while improving Moody's adjusted EBITA margin towards 16% (15% in 2023). Additionally, Moody's expects the company's FCF/Debt to increase towards high single digits from 2024 onwards, as working capital consumption normalizes. The forward view does not incorporate debt-financed acquisitions or dividends that would meaningfully increase leverage,” the agency said in a press release.

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