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S&P rates Alexander Mann, loan B+
S&P said it assigned B+ ratings to Alexander Mann Solutions (Auxey Bidco Ltd.) and its £373 million-equivalent term loan B due June 2027. The recovery rating on the loan is 3. The outlook is stable.
AMS amended, extended and upsized its senior secured term loan B, replacing the outstanding £356 million-equivalent loan due in June 2025 with the £373 million-equivalent loan. AMS also extended the maturity date of its £40 million revolving credit facility to December 2026 from December 2024.
“Our B+ ratings reflect our expectation of adjusted leverage of less than 5x and positive FOCF of more than £10 million over the next 12-24 months. AMS' amendment and extension of its senior secured TLB is largely leverage neutral since the company will use the approximately £373 million in proceeds to pay down existing debt equivalent to £356 million and cover estimated transaction costs,” S&P said in a press release.
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