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S&P gives B to Zephyr loan
S&P said it assigned its preliminary B long-term issuer credit rating to Zephyr Midco 2 Ltd. (Zephyr), a wholly owned indirect subsidiary of funds managed by Silver Lake. The outlook is stable.
S&P also assigned a preliminary B issue rating to the group's proposed £150 million revolving credit facility and the £740 million term loan B issued by Zephyr Bidco Ltd., a subsidiary of Zephyr Midco 2 Ltd. The recovery rating is 3, indicating expectations of average recovery (50%-70%; rounded estimate 60%) in the event of a payment default.
“Our ratings on Zephyr primarily reflects the very high leverage it would incur as a result of acquiring ZPG plc, its strong positions in the U.K.'s property search segment (Zoopla) and household service comparison segment (uSwitch), subscription-based revenue from the property segment, as well as high EBITDA growth prospects and strong free operating cash flows (FOCF) generation,” S&P said in a news release.
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