S&P assigns Maison Bidco, notes B+

S&P said it gave preliminary B+ ratings to Maison Bidco Ltd. and its planned £275 million senior secured bond. The bond’s preliminary recovery rating is 3.

Maison is the new holding company for Keepmoat, a U.K.-based homebuilder.

“Following Maison's acquisition of Keepmoat with funds advised by Aermont Capital (Aermont), as well as the issuance of the proposed notes, we expect Maison's S&P Global Ratings-adjusted debt to EBITDA to remain at about 3.8x over the next 12 months, with an interest coverage ratio of about 6x,” S&P said in a press release.

Maison will use the proceeds to cover the cash portion of the acquisition and to refinance Keepmoat’s debt.

The outlook is stable.

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