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S&P assigns B to Gold Rush, loan
S&P said it assigned preliminary B ratings to Gold Rush Bidco Ltd., the new parent of All3Media owned by DLG Acquisitions Ltd., and its €500 million (£430 million) senior secured term loan. The recovery rating on the loan is 3, indicating meaningful (50%-70%) recovery if Gold Rush defaults. The outlook is stable.
Gold Rush, will buy DLG from Warner Bros Discovery and Liberty Global for £976 billion, financing it with £675 million equity and the new loan. As part of the deal, it will repay DLG’s first-lien and second-lien term loans, together equivalent of £422 million. Gold Rush was created by RedBird IMI, a joint venture between private equity company RedBird Capital Partners and International Media Investments.
“We expect that in 2024-2025, All3Media's revenue and EBITDA will steadily increase due to a ramp-up in production and deliveries of its high-quality scripted and non-scripted shows and growing distribution and digital revenue, despite the intense competition and challenging conditions in the content production industry,” S&P said in a press release.
S&P said it expects All3Media's S&P Global Ratings-adjusted leverage will be about 7x in 2024 and improve below 6x in 2025, compared with 7.5x in 2023.
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