S&P ups SK Invictus II

S&P said it raised the issuer rating for SK Invictus Intermediate II Sarl (Perimeter Solutions) to B+ from B and gave its new $100 million senior secured revolving credit facility and new $600 million senior secured notes B+ ratings. The recovery rating on the debt is 3.

Perimeter is being acquired by EverArc Holdings Ltd. The deal will be funded with a mix of new and existing equity from EverArc investors and the senior secured notes.

“The company's earnings are tied directly to natural disasters, particularly wildfires, and thus, there is unpredictability and uncertainty related to future earnings. However, with reduced book debt and a normalized fire season, we expect leverage to remain between 4x and 5x,” S&P said in a press release.

The outlook is stable.

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