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S&P rates FullBeauty Brands B-
Standard & Poor’s said it affirmed and withdrew the B- corporate credit rating on FullBeauty Brands Inc. following news that it was acquired by Apax Partners LLP.
The agency also said it assigned a B- corporate credit rating to FullBeauty Brands Holdings Corp., which is the surviving entity.
The outlook is stable.
Apax Partners acquired a majority stake in the company from Charlesbank and Webster Capital, the agency said.
In connection with the transaction, FullBeauty secured a $820 million first-lien term loan due 2022 and $345 million second-lien term loan due 2023.
The proceeds will be used to repay outstanding debt issued by FullBeauty, S&P said.
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