S&P rates TMF Group loan B

S&P said it assigned a B rating with a 3 recovery rating to the proposed €660 million term loan B and €90 million revolving credit facility to be borrowed by TMF Group Holding BV.

The proceeds will be used to repay its existing super senior revolving credit facility, senior secured notes and senior notes, the agency said.

The recovery prospects for the proposed facilities are in the lower half of the 50% to 70% expected default recovery range, S&P said, and are sensitive to any increase in indebtedness.

The proposed financing is light on covenants, the agency said, with only one springing covenant on the revolver if drawings exceed 35%.

The ratings reflect the company’s leading market position in the Netherlands, good geographic footprint and relatively diversified client base, S&P said.

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