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S&P assigns Verisure secured debt B, unsecured CCC+
S&P said it assigned B ratings to Verisure Holding AB’s planned €1.15 billion of six-year senior secured notes and €2 billion seven-year senior secured term loan. The agency also assigned a CCC+ rating to Verisure Midholding AB’s €1.27 billion of eight-year senior unsecured notes.
“As a result, we expect that S&P Global Ratings-adjusted debt to EBITDA will peak at around 7.8x post-closing in January 2021 before declining to around 7.2x at year-end 2021 and toward 6x in 2022,” S&P said in a press release.
However, the agency said it forecasts continued 10%-20% annual growth in adjusted EBITDA over the next few years, supported by robust subscriber growth in an under-penetrated European market.
Proceeds will be used to repay the €1.492 billion term loan, €1.236 billion of senior unsecured notes and pay dividends of €1.6 billion.
The agency affirmed Verisure Midholding’s B issuer rating. The outlook remains stable.
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