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S&P gives Rebecca Bidco, notes B
S&P said it assigned B ratings to Rebecca Bidco GmbH (RENK) and its 320 million of secured senior notes. The recovery rating on the notes is 3.
Private equity firm Triton acquired the company through 320 million of new senior secured notes, a 50 million super-senior to the notes revolving credit facility and a new 167.5 million super senior guarantee facility. The proceeds, together with a 241 million equity contribution by Triton, will be used to buy 76% of Rebecca Bidco (520 million) and the related fees.
RENKs leverage will increase post-transaction. We forecast S&P Global Ratings-adjusted debt to EBITDA for 2020 will be about 4.7x. We include as debt a 40 million shareholder loan with a two-year maturity that we expect will be repaid in 2021. At the same time, we forecast funds from operations (FFO) to debt of about 11%-12%, the agency said in a press release.
S&P assigned a stable outlook. The stable outlook reflects our expectation that RENK will increase its revenue and gradually improve profitability, with adjusted EBITDA margins of 13% or more in 2020-2021, and adjusted debt to EBITDA of about 4.7x, S&P said.
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