S&P rates Edilians loan B

S&P said it gave LSF10 Edilians Investments’ planned €660 million term loan a B rating.

Edilians will use the proceeds to recapitalize its capital structure and fund a dividend of about €111 million to its owner Lone Star.

Pro-forma the new capital structure, the agency said it forecasts adjusted leverage will rise to 5.7x-5.8x in 2021-2022, from about 5x in 2020. S&P also anticipates EBITDA interest coverage of over 3.5x.

S&P affirmed Edilians’ B issuer rating but changed the outlook to stable from negative. The outlook reflects that Edilians will continue to benefit from stable end-market demand for its products while generating an annual FOCF of more than €40 million, the agency said.

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