S&P boosts Sportradar loan

S&P said it raised the rating on Sportradar Group AG’s term loan facility to BB from B and the recovery rating to 2 from 3 on the back of the leverage reduction. The agency also assigned Sportradar Group a BB- issuer rating and withdrew the rating from Sportradar Holding AG.

“Sportradar's significant deleveraging is the upgrade's primary factor. Sportradar opted to voluntarily repay €200 million of its outstanding €420 million senior secured term loan B in July 2022 and announced further repayment of the remaining outstanding loan by the end of 2022. The repayment is in part sourced from the proceeds of its €546 million primary equity raise, which was previously earmarked for acquisitions.

“However, in the absence of a material acquisition opportunity, the group has opted to repay the outstanding term loan B debt, and the early repayment would save about €20 million in annual interest costs,” S&P said in a press release.

The agency is forecasting Sportradar’s S&P Global Ratings-adjusted leverage will be 0.5x, compared with 5.3x in 2021.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.