S&P gives Motus, facility B-

S&P said it gave B- ratings to Motus Group LLC and its planned first-lien facility. The recovery rating on the planned debt is 3.

Motus will secure a new $50 million undrawn revolving credit facility due in 2026, a $390 million first-lien term loan due in 2028 and a $135 million second-lien term loan due in 2029.

“Very high financial leverage that we expect will remain over 14x through at least the end of 2022 constrains our rating on Motus. On Sept. 22, 2021, private equity firm Permira reached an agreement to acquire approximately a 48% equity interest in Motus from Thoma Bravo,” S&P said in a press release.

The agency said it only sees moderate improvement to the 14x area (9x excluding preferred stock) during the next 12 months as increased investment in sales and marketing limit gains from operating leverage over the near term.

The outlook is stable.

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