S&P affirms Rubix Group

S&P said it affirmed its B rating on Rubix Group Holdings Ltd. and subsidiaries Rubix Group Finco Ltd. and Rubix Midco 3 Ltd. The outlook remains negative.

At the same time, S&P affirmed the B issue ratings on the secured €765 million first-lien term loan and €65 million add-on maturing in 2024, and the €135 million revolving credit facility due 2023. The recovery rating is unchanged at 3, reflecting an expectation of meaningful recovery prospects (rounded estimate: 50%) in the event of a payment default.

“Rubix Group Holdings continues to restructure its operations and integrate bolt-on M&A. In our opinion, related high one-off cash costs will continue to weigh on EBITDA and cash generation through 2019,” S&P said in a news release.

“The group plans to reprice its existing €765 million term loan B and add €65 million to the facility under the same terms and conditions. This add-on will be used to repay about €35 million of existing RCF drawings, some transaction-related fees, and to bolster the group's liquidity position and support its pursuit of rolling bolt-on acquisitions.”

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