S&P rates team.blue, loans B

S&P said it gave preliminary B ratings to team.blue Finco Sarl and its planned €825 million of first-lien loans.

Team.blue intends to refinance all its debt and pay a dividend by issuing €1.05 billion comprising first- and second-lien term loans and an additional €150 million of third-party payment-in-kind loans issued by the team.blue Holdco outside the restricted group.

“As such, we expect S&P Global Ratings-adjusted leverage will peak above 7.5x in 2021 (8.8x including PIK) before falling below 6.5x in 2022 (7.5x including PIK),” S&P said in a press release.

The outlook is stable. S&P said it expects revenue growth of 7%-10% over 2021 and 2022, and the adjusted EBITDA margin to expand to 41%-44% by 2022 from about 39% in 2020.

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