S&P rates Rovensa add-on B

S&P said it gave a B rating to the €387 million nonfungible add-on to Rovensa’s term loan B due September 2027. The loan will be borrowed through Rovensa’s holding company, Root Bidco Sarl and used to help buy Cosmocel.

S&P affirmed Root Bidco’s B issuer rating and stable outlook on June 28.

After the deal closes, the capital structure will comprise €907 million of senior secured term loans and a senior secured revolving credit facility, which will be upsized €50 million to €165 million and is expected to be €28 million drawn at closing. The group also has about €22 million of operating-lease liabilities and €46 million of other debt, including confirming and import credit lines and an overdraft, the agency noted.

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