S&P gives Babar, loans B-

S&P said it gave B- ratings to Babar BidCo, its €90 million revolving credit facility and €487 million term-loan.

Antin Infrastructure Partners acquired a 52.6% stake in French childcare provider Babilou. Babar is the new intermediate holding company for Babilou. Antin used the credit facilities for the acquisition and repaid Babilou’s debt.

“Although we anticipate sizable EBITDA growth in the next few years, we expect it will translate into meaningfully positive cash flow generation only in 2022. Under our base case, we forecast reported EBITDA growth for Babilou of about 25% in 2020 and 5%-10% in 2021 and 2022. This growth is mainly thanks to the ramp-up of newly opened centers and recent acquisitions, and despite the impact of the Covid-19 pandemic and its economic consequences, which we anticipate will be limited,” S&P said in a press release.

The outlook is stable.

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