S&P rates Bock Capital B-

S&P said it assigned a preliminary B- rating to Bock Capital Bidco BV, the holding company created to acquire AI Avocado Holding BV (Unit4) from Advent International by other private equity firms.

The agency also gave B- and 3 (50% expected) recovery ratings to Bock’s €100 million first-lien senior secured revolving credit facility and €675 million first-lien senior secured term loan.

Concurrently, S&P affirmed the B- ratings on AI Avocado Holding and the senior secured debt issued by AI Avocado BV with the recovery rating remaining at 3, but recovery expectations revised to 50% from 55%.

The outlook is stable, reflecting the view that Unit4's organic revenue will increase 5%-7% in 2021-2022, thanks to the ramp-up of its cloud offering, leading to sound FOCF of more than €40 million and FOCF to debt of 4%-5%, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.