S&P rates Socotec loans B

S&P said it assigned its B issuer credit rating to Soco 1 SAS (Socotec).

Socotec plans to acquire Vidaris, which will enhance Socotec's scale, geographic diversity, and long-term growth, the agency said.

Socotec will fund the deal by issuing a €263 million add-on to its existing senior secured first-lien term loan, along with €161 million equity injection.

The agency assigned a B issue rating and 4 recovery rating to the company's existing senior secured debt facilities and the add-on.

The outlook is negative.

“The additional debt in our view further weakens Soco 1's credit metrics,” S&P said in a news release.

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