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Fitch gives B+ to Curium loan
Fitch Ratings said it gave expected B+/RR3 (56%) ratings to Curium BidCo Sarl’s planned around €1.3 billion term loan B.
The issuer will use the proceeds for refinancing loans totaling around €1.3 billion, also rated BB+/RR3. The refinancing will push the debt maturities back to 2029.
“We expect the margin on the TLBs to rise slightly, raising estimated interest expense to €105 million over 2023-2026, from €95 million pre-transaction. Leverage metrics remain unchanged and we see the transaction as overall credit neutral, with slightly higher interest expense and lower free cash flow offset by the benefit of longer-dated debt maturities,” Fitch said in a press release.
The outlook is stable.
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