S&P gives TTD B ratings

S&P said it gave B issuer ratings to TTD Holding III GmbH and TTD Holding IV GmbH. TTD Holding III will become the parent of TOI TOI & DIXI Group and TTD Holding IV will assume the debt that previously sat with Freshworld Holding IV GmbH.

Majority owner, private equity group Apax Partners, plans to acquire a large part of the minority stake of the founding family.

Apax will fund the transaction with the issuance of a €210 million add-on to the €860 million senior secured term loan B initially issued by Freshworld Holding IV and €40 million of balance sheet cash.

The reorganization involves the merger of Freshworld Holding III GmbH and Freshworld Holding IV into TTD Holding IV and the transfer of their rated debt to TTD Holding IV. “Once the reorganization is complete, we will withdraw our issuer credit ratings on Freshworld Holding III and Freshworld Holding IV,” S&P said in a press release. Both Freshworld companies and the loans are rated B.

The outlook is stable.

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