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S&P ups Global Blue, rates loan B+
S&P said it upgraded Global Blue Groups issuer rating to B+ from B and rated its 610 million senior secured term loan B+ with a 3 recovery rating. S&P also removed the issuer rating from CreditWatch where it was placed with negative implications on Nov. 13.
Global Blue also secured a 97.5 million revolving credit facility and used the two loans to refinance its capital structure. The upgrade reflects the refinancing, the agency said.
The term loan amount was 40 million less than our initial expectations because Global Blue received a $50 million (47 million) equity investment from Tencent, a China-based internet company. Global Blue used the proceeds to redeem its 99 million RCF, the 630 million term loan that was due to mature in August 2025, and the 61 million shareholder liquidity facility.
As a result, we expect the company's S&P Global Ratings-adjusted debt to EBITDA at the end of FY2024 will reduce to about 5.3x from more than 16x in FY2023, and then subsequently to below 4x in FY2025, S&P said in a press release.
The outlook is stable.
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