S&P rates Amentum, loan B

S&P said it assigned B ratings to Maverick US 2 LLC, which does business as Amentum, and its first-lien credit facility consisting of a $200 million revolver and $1.015 billion term loan.

American Securities LLC and Lindsay Goldberg LLC plan to acquire the company from Aecom for $2.4 billion, mostly funded through debt. S&P estimates adjusted leverage of 11.4x – 11.8x after accounting for transaction-related fees and expenses.

The agency sees leverage improving in fiscal 2021 but doesn’t expect debt to EBITDA to fall below 5x for a sustained period.

The outlook is stable.

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