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S&P trims SUSE, rates loan B+
S&P said it lowered its ratings for SUSE and its senior secured debt to B+ from BB- and removed the ratings from CreditWatch negative, where it placed them on Aug. 24, and assigned a B+ issue rating to the new €500 million term loan.
SUSE’s majority owner EQT is taking the company private using the new term loan.
“We forecast the transaction will send S&P Global Ratings-adjusted debt to EBITDA over 5x in fiscals 2023-2024 (ending Oct. 31), from 3.3x in fiscal 2022, and materially lower free operating cash flow (FOCF) to debt to below 10% over the same period, from 18.4% in fiscal 2022,” the agency said in a statement.
The outlook is stable.
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