S&P rates Liftoff Mobile, loans B+

S&P said it rated Liftoff Mobile Inc. and its planned senior secured facilities B+ with a 3 recovery rating on the facilities. Liftoff’s facilities include a $50 million five-year revolver and a $300 million seven-year first-lien term loan.

“High growth and EBITDA expansion should keep a moderate leverage profile. Liftoff’s pro forma adjusted leverage is about 3.6x at the close. We expect EBITDA expansion will support steady deleveraging to about 3x by year-end 2021 and FOCF to debt of 20%-25% during the same period,” S&P said in a press release.

The outlook is stable. The outlook reflects the expectation for strong organic net revenue growth and free operating cash flow generation over the next 12 months that support growth investments and a moderate adjusted leverage profile of about 3x, the agency said.

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