S&P trims SUSE, rates loan B+

S&P said it lowered its ratings for SUSE and its senior secured debt to B+ from BB- and removed the ratings from CreditWatch negative, where it placed them on Aug. 24, and assigned a B+ issue rating to the new €500 million term loan.

SUSE’s majority owner EQT is taking the company private using the new term loan.

“We forecast the transaction will send S&P Global Ratings-adjusted debt to EBITDA over 5x in fiscals 2023-2024 (ending Oct. 31), from 3.3x in fiscal 2022, and materially lower free operating cash flow (FOCF) to debt to below 10% over the same period, from 18.4% in fiscal 2022,” the agency said in a statement.

The outlook is stable.

© 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.