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S&P gives Armonea, loan B-
S&P said it assigned its B- long-term issuer credit rating to Armonea Group NV.
The outlook is stable.
At the same time, the agency assigned its B- issue rating to the proposed 250 million senior secured first-lien term loan due 2025, with a recovery rating of 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.
Armonea is raising a 250 million senior secured term loan B and 45 million senior secured revolving credit facility (unrated) to refinance its existing debt.
With projected revenues of about 530 million and EBITDA of about 40 million in 2018, Armonea is a relatively small player compared with peers, especially some international operators such as Home Vi, Orpea, and Korian, S&P said in a news release.
That said, it is attempting to increase its size via acquisitions and new facility openings.
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