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S&P rates Infinity Bidco B
S&P said it assigned B ratings to Infinity Bidco 1 Ltd. and its planned €629 million term loan B, £224 million term loan B and €150 million revolving credit facility with a recovery rating of 3.
Private equity firm Astorg Partners will use the company to acquire a majority stake in Corialis from CVC Capital Partners.
The proceeds are to be used to fund the buyout and refinance Corialis’ debt. “Pro forma the transaction, we expect adjusted leverage of about 5.8-5.9x in 2021, reducing to about 5.5x-5.7x in 2022 on the back of higher EBITDA. We note that management and CVC Capital Partners will retain a significant stake in the company. Positively, we also note the refinancing should not result in higher interest expenses,” S&P said in a press release.
The outlook is stable.
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