S&P rates Assemblin notes B

S&P said it gave a B with a 3 recovery rating to Assemblin’s added €100 million of senior secured notes. The 3 rating indicates about 50% recovery (rounded estimate) in default.

Proceeds and €20 million of equity from financial sponsor Triton will be used to acquire Fidelix.

“We expect Assemblin's leverage to increase to around 7x in 2021 but reduce in the coming years, and that the company will continue to generate stable free operating cash flow (FOCF) to support small bolt-on acquisitions,” S&P said in a press release.

The agency affirmed its B ratings on Assemblin, and the outlook remains stable.

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