S&P rates Amedes, loan B

S&P said it assigned B ratings to Aragon HoldCo GmbH (Amedes) and its upcoming €740 million term loan.

Goldman Sachs Asset Management, AXA Investment Management, and Omers will use the term loan to help them acquire Amedes. Aragon will become Amedes parent company.

“Amedes' competitive position is supported by its established position in the clinical diagnostic market in Germany, in particular in specialty testing, but is constrained by its limited size and geographic concentration,” the agency said in a press release.

The outlook is stable. S&P said it expects “Amedes will likely maintain S&P Global Ratings-adjusted debt to EBITDA below 7.0x through its investment cycle, consistent free operating cash flow (FOCF) of at least €50 million per year, and a funds from operations (FFO) cash interest coverage ratio above 2.2x.”

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