S&P assigns DexKo unit’s incremental loan B

S&P said it assigned its B issue-level and 3 recovery rating to AL-KO VT Holdings GmbH's proposed incremental €180 million first-lien term loan maturing in 2024. The borrower is a subsidiary of DexKo Global Inc.

The 3 recovery rating indicates S&P’s estimate for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default.

Proceeds are expected to be used to fund the acquisition of Sapim SpA.

The outlook is stable.

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