S&P assigns Odyssee, loan BB-

S&P said it assigned BB- ratings to Odyssee Investment TopCo and its planned €1.625 billion senior secured term loan B via Odyssee Investment BidCo. Odyssee owns Circet.

Term loan proceeds will be used to finance a secondary leveraged buyout of the company by U.K.-based financial sponsor ICG, alongside Circet's management.

“We expect adjusted leverage to rise to about 5.1x in 2021 (somewhat less than 5x pro-forma the 12-month consolidation of previous acquisitions), before reducing to 4.2x in 2022,” S&P said in a press release.

The outlook is stable. “Our stable outlook reflects that Circet's revenue and EBITDA will continue to increase on planned fiber deployments, 5G program launches, recurring maintenance services and successful integration of recently announced acquisitions, with adjusted leverage remaining below 5x on average,” the agency said.

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