S&P affirms Capri Acquisitions

S&P said it affirmed its B- long-term issuer credit on Capri Acquisitions BidCo and Delaware-based Capri Finance LLC, a finance subsidiary of Capri. The outlook is stable.

At the same time, the agency affirmed its B- issue ratings and 3 recovery ratings on the group's senior secured term loan and revolving credit facilities. The 3 recovery rating reflects an expectation of meaningful recovery prospects in the event of a payment default (50%-70%; rounded estimate 55%).

On Oct. 11, CPA Global announced the acquisition of a U.S.-based provider of patent and trademark payment and intellectual property portfolio management solutions for $105 million, plus fees.

“We view the acquisition as complementary for CPA Global because it is acquiring a competitor in the U.S. market with a portfolio of blue-chip customers that it did not previously service given the sticky nature of relationships in the market,” S&P said in a news release.

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