S&P rates Tucano, loan B

S&P said it rated Tucano Topco BV, the new ultimate parent of TMF Group Holding BV and gave B and 3 recovery ratings to Sapphire Bidco BV’s new $400 million term loan due 2028. TMF also plans to amend and extend its €950 million senior secured term loan B, increase its senior secured revolving credit facility to €200 million, and repay its €200 million second-lien facility due 2026.

The agency also affirmed Sapphire’s B issuer rating and withdrew its issuer credit rating on intermediate holding company Sapphire Midco BV, given it is no longer the entity at which TMF consolidates its financial statements. S&P affirmed the B ratings on Sapphire’s amended senior secured debt, including the €950 million term loan tranche and the €200 million revolver and CCC+ ratings on its $200 million second-lien facility. The recovery ratings are unchanged.

The outlook is stable. “The stable outlook reflects our expectation that TMF will achieve strong double-digit organic growth in 2023-2024, with moderate margin expansion toward 30%,” S&P said in a press release.

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