S&P rates Broom Holdings loans B

S&P said it assigned a B long-term issuer credit rating to Broom Holdings Bidco Ltd.’s (Beauparc) €555 million term loan B and €120 million revolving credit facility, with a recovery rating of 3 on the debt, indicating meaningful recovery prospects (50%-70%; rounded estimate 50%) in the event of a default.

The outlook is stable.

Macquarie European Infrastructure Fund 6 acquired Beauparc, an integrated waste-to-resource operator, via new entity Broom Holdings Bidco Ltd., funded with a new €555 million term loan B, which was upsized by €30 million during syndication, and equity contribution of 59% (representing €840 million).

“We forecast Broom Holdings' S&P Global Ratings-adjusted debt to EBITDA at around 6.0x at year-end 2021, followed by deleveraging in the coming year as growth initiatives materialize,” S&P said in a news release.

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