S&P assigns Freshworld loan B

S&P said it assigned a B rating to Freshworld Holding IV GmbH’s new €200 million senior secured term loan add-on facility to finance the group's acquisition of Sebach.

The agency also affirmed its B ratings on Freshworld Holding III GmbH, Freshworld Holding IV GmbH, and the group's €660 million term loan B. The 3 recovery rating on the loans indicates expectations of about 60% recovery in default.

“We expect the group's leverage will increase to about 5x in 2022 before reducing below 4.5x in 2023 as the group continues to generate enough free operating cash flow (FOCF) to fund investment needs and potential small bolt-on acquisitions,” S&P said in a press release.

The outlook is stable.

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