S&P rates Colisee term loan B

S&P said it assigned a B long-term issuer credit rating to Cobalt Bidco and a B issue-level rating and 3 recovery rating to a proposed term loan.

On Aug. 31, EQT Infrastructure announced it had entered negotiations to acquire a majority stake in Financiere Colisee SAS, with the transaction to close by the end of November 2020.

The newly created holding entity, Cobalt Bidco, is contemplating issuing €1.05 billion of new debt to finance the acquisition, including a €875 million term loan B and a €175 million revolving credit facility, S&P said.

S&P also revised its outlook to stable from negative and affirmed the B issuer credit rating on Colisee.

“The proposed buyout and associated refinancing will not result in higher adjusted debt, supporting the group's B credit profile,” S&P said in a news release.

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