Fitch gives Odyssee Investment B+

Fitch Ratings said it assigned Odyssee Investment Bidco (Circet) an expected first-time long-term issuer default rating of B+. Simultaneously, Fitch gave Circet's planned €1.625 billion senior secured term loan an expected rating of BB- with an RR3 recovery rating.

Circet is in the process of being by acquired by ICG with the private equity fund holding a majority stake and the remaining shares to be retained by management. The transaction is expected to be partially debt-funded.

“The ratings reflect high funds from operations (FFO) gross leverage (adjusted for acquisitions) of 7x at closing, which we expect Circet to deleverage towards a B rating category median of 5.5x over our four-year forecast period. This is despite expected strong free cash flow (FCF) generation, supported by Circet's above-average profitability,” Fitch said in a press release.

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.