S&P assigns B to CAB loan

S&P said it assigned a B rating with a 3 recovery rating to CAB SAS’ planned term loan.

CAB plans to issue a new term loan B and other senior debt to refinance a portion of its €2 billion term loan B, €305 million second-lien debt and €218 million payment-in-kind debt. The issuer plans to upsize the revolving credit facility to €270 million from €130 million.

“The group’s EBITDA benefits from well-executed acquisitions with increasing scale and network density driving operating efficiency, while the contribution from highly profitable Covid-19 testing more than offset the negative impact from the lockdown that has affected routine testing,” the agency said in a press release.

The outlook is stable.

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