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S&P assigns Aston Midco B-
S&P said it assigned B- ratings to Aston Midco (Advanced), its proposed £75 million first-lien senior secured revolving credit facility and the £531 million multicurrency first-lien senior secured term loans.
The proceeds were used to fund the buyout and refinance all outstanding debt issued by Advanced Computer Software’s previous holding company, Air Newco 5.
“The rating on the new holding company, Aston Midco, reflects a £260 million increase in reported debt after the transaction. As a result, we forecast S&P Global Ratings-adjusted debt to EBITDA of 8.5x-9.0x in FY2020 (we previous forecast 6.5x) and its free operating cash flow (FOCF) to debt at 2%-4%, compared with 5%-6% previously,” said S&P in a press release.
The outlook is stable.
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