S&P gives Seine Finance, loans B+

S&P said it assigned B+ ratings to Seine Finance Sarl, its planned €400 million senior secured term loan and the outstanding €250 million senior secured term loan issued by Seine Holdco SAS. The outlook is stable.

Seine, the holding company for Silae, which focuses on human capital management HCM, will use the €400 million loan to fund dividends to its owner Silver Lake.

“The proposed issuance will lead to a peak in leverage in 2023, but we expect Silae to significantly decrease leverage through EBITDA growth from 2024. Following the transaction, we forecast our adjusted leverage for Silae will reach 6.3x in 2023, up from about 3x in 2022. We forecast leverage to swiftly decline to about 4.5x in 2024 and below 4x in 2025, thanks to the continued rollout of Silae's HCM modules to its client base, pricing adjustments, and strong profitability,” S&P said in a statement.

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