S&P puts Atotech on positive watch

S&P said it placed Atotech UK Topco Ltd.’s B+ issuer rating on CreditWatch with positive implications. At the same time, the agency affirmed its B+ issue ratings on the senior secured facilities issued by Alpha 3 BV and Alpha US Bidco Inc.

The CreditWatch placement follows Atotech's announcement it agreed to be acquired by MKS for $5.1 billion in cash and stock.

“It is not clear at this stage whether, upon the close of the transaction, the new parent will refinance or retain the senior secured notes of $1.35 billion and €200 million due March 18, 2028, issued by Atotech's financing entities Alpha 3 BV and Alpha US Bidco Inc.,” S&P said in a press release.

The agency said it is likely it will equalize Atotech’s ratings to those of MKS.

“We plan to resolve the CreditWatch in the fourth quarter of 2021 or the first quarter of 2022, which is when the management anticipates receiving regulatory approvals and the transaction closes,” S&P said.

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