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S&P rates Valeo Foods, loan B
S&P said it assigned B ratings to Platform Bidco (the parent of Valeo Foods Group) and its planned €1.01 billion first lien term loan due 2028. The loan’s recovery rating is 3.
“In our base case, we project adjusted EBITDA margins to improve to around 13.5%-14% in FY2022 (13% in FY2021) and 14.5%-15% in FY2023. This should help debt reduction approach 7x by year-end 2023, which supports the B rating,” S&P said in a press release.
Bain Capital will use the loan, a €175 million second-lien term loan due 2029 and an equity contribution. The transaction also includes a €180 million revolver and a €100 million second-lien acquisition facility to be undrawn at closing.
The outlook is negative.
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