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S&P rates EmployBridge loan B-
S&P said it assigned B- issue and 3 recovery ratings to EmployBridge Holding Co.’s planned $725 million term loan.
EmployBridge is being acquired by funds affiliated with Apollo Global Management Inc. from its financial sponsors. The financing will also include a $300 million asset-based lending revolver expected to be undrawn at close.
“The proposed transaction will increase Employbridge's S&P Global Ratings-adjusted leverage to about 7.4x, from 6.2x as of March 28, 2021. While adjusted EBITDA will grow substantially from 2020 depressed levels, the additional debt issued as part of the transaction will slow the pace of deleveraging such that we currently expect leverage to remain above our 6x threshold for the balance of 2021,” the agency said in a press release.
The outlook is stable. S&P said it expects revenue will increase by the low-double-digit percent area and EBITDA margins will modestly expand in 2021 on an economic recovery from the pandemic induced recession.
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