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S&P assigns BME Group loans B, CCC+
S&P said it assigned B ratings to BME Group Holding BV and its 980.2 million first-lien term loan (split between the 280.2 million term loan A and 700 million term loan B) and the 195.2 million revolving credit facility. The agency also assigned a CCC+ issue rating to the 217.6 million second-lien term loan.
BME was formerly known as Clay Holdco BV before it was acquired in a leveraged buyout.
The ratings reflect BME's high leverage at closing of the leveraged buyout transaction, with about 6.5x adjusted debt to EBITDA. The ratings are also based on our view that the company could display an increased tolerance for higher leverage and a less conservative financial policy under its private-equity ownership, S&P said in a press release.
The outlook is stable.
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