S&P rates Ecotone B

S&P said it assigned B ratings to Ecotone HoldCo III SAS and its term loan, including the planned €100 million add-on. The company also plans to secure €85 million of new payment-in-kind debt and will use €11 million of available cash to partly repay shareholder instruments.

“The new debt will likely mean the capital structure remains highly leveraged, and we estimate S&P Global Ratings-adjusted debt to EBITDA of about 8.5x in 2021, improving to about 7x-7.5x in 2022,” the agency said in a press release.

The outlook is stable.

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