S&P affirms Unilabs

S&P said it affirmed its B long-term issuer credit rating on Unilabs Holding AB. The outlook is stable.

The agency affirmed the B issue ratings on the €1.38 billion term loan B due 2024, including the proposed €250 million add-on, and the €200 million revolving credit facility due 2023. The recovery rating is 3, reflecting an expectation for meaningful recovery (50%-70%; rounded estimate 50%) in the event of default.

S&P also affirmed the CCC+ issue rating on the €405 million senior notes due 2025. The recovery rating is 6, reflecting negligible (0%-10%) recovery.

“The affirmation follows Unilabs' recently announced plans to issue a €250 million add-on to its existing senior secured term loan B facility to part-fund the acquisition of private laboratory player Biopath,” the agency said in a news release.

“The acquisition will enable the group to expand its presence in the Paris and Rouen regions of France substantially and we understand that the debt indenture and 2024 maturity for the existing senior facility agreement will remain unchanged.”

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