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S&P puts Hut Group on positive watch
S&P said it placed the Hut Group Ltd.’s B- issuer and issue ratings on CreditWatch with positive implications.
In the coming weeks, the company is planning an initial public offering and to spin off its real estate subsidiary (Propco). “We think the group will likely use a portion of the £920 million of expected gross IPO proceeds for debt repayment, partially offsetting the increase in leverage arising from the higher lease liabilities, following the PropCo demerger,” S&P said in a press release.
Though the company hasn’t confirmed how much of the proceeds will be used to repay debt, S&P said it assumes it will be about £150 million-£200 million, which will cover drawings on the company’s revolver and other liquidity facilities.
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