S&P rates XSYS B, loans B, CCC+

S&P said it gave preliminary B ratings to LSF11 Folio Bidco GmbH (XSYS) and its planned €435 million first-lien term loan. The agency also assigned a preliminary CCC+ rating to the company’s planned €80 million second-lien secured term loan. XSYS also plans to secure an €80 million equivalent revolving credit facility.

Lone Star Funds acquired XSYS as a part of a carveout deal from Flint Group GmbH.

“XSYS expects to generate €216 million sales and S&P Global Ratings-adjusted €78 million EBITDA in 2021. We anticipate adjusted debt to EBITDA at about 7.3x at the closing in 2021, with a gradual deleveraging to below 7x from 2022,” the agency said in a press release.

The outlook is stable.

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