S&P rates Stellagroup loan B

S&P said it assigning B ratings to Stella's intermediate parent company Stellagroup and to the €290 million term loan B due 2026, with a recovery rating of 3.

The outlook is stable.

Private-equity firm PAI Partners acquired Stella through Polaris Holding for an enterprise value of €635 million and, as part of this transaction, Stella raised new debt and refinanced its capital structure. The former owner ICG remains a co-investor through a payment-in-kind instrument and a minority stake.

“The B rating incorporates our assessment of Stella's fair business risk profile with our opinion that the group has a highly leveraged capital structure as a result of its private-equity ownership,” S&P said in a news release.

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