S&P rates Saverglass, loan B

S&P said it gave B ratings to Olympe SAS (Saverglass) and its planned €500 million term loan due in 2029.

Saverglass also intends to secure a €70 million revolving credit facility due in 2028 and a €60 million capital expenditure facility due in 2029.

“We anticipate ongoing strong growth in revenue and EBITDA in 2022, which will lead to gradual deleveraging to around 5.5x in 2022. However, strong demand requires the company to invest in a new plant, which will generate significant cash burn over the next two years,” S&P said in a press release.

The agency said it forecasts adjusted EBITDA could increase to about €115 million in 2022 compared with its previous forecast of about €100 million and from €80 million-€85 million in 2021.

The €500 million term loan will repay the €301 million term loan B due in March 2023, fully drawn €20 million revolver, and €50 capex facility both due in February 2023, as well as €25 million remaining of the French government loan and about €14 million under the bilateral capex facility due in March 2022. Furthermore, proceeds will finance a one-time dividend payment of about €100 million.

The outlook is stable.

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