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S&P rates LGC Science loan B
S&P said it assigned a preliminary B rating to Loire Finco Luxembourg Sarl’s proposed seven-year, £1.042 billion-equivalent first-lien senior secured term loan (across euro and U.S. dollar tranches) and a 10-year, £500 million-equivalent payment-in-kind (PIK) note (issued outside of the restricted group) to fund the acquisition of LGC Science Group Inc., put £35 million of cash on the balance sheet and refinance its capital structure, together with a six-and-half-year £265 million multicurrency revolver.
LGC is being acquired by financial sponsors through a holding company Loire UK Midco 3 Ltd., which S&P assigned a preliminary B rating to.
“Given that we expect the group to generate adjusted EBITDA of about £126 million in fiscal 2020 (including M&A integration costs, which we view as recurring), our expectation that adjusted debt to EBITDA will be in excess of 12x would place LGC among the most highly leveraged service providers that we rate,” S&P said in a press release.
The outlook is negative.
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