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S&P assigns Conservice B-, facilities B
S&P said it assigned a B- to Conservice Group Holdings, LLC, and a B rating its proposed first-lien credit facilities with a 2 recovery rating. The second-lien loan is unrated.
Conservice’s facilities will consist of an undrawn $50 million first-lien revolver, a $475 million first-lien term loan and a $190 million second-lien term loan issued at Conservice Midco, LLC.
The company is issuing $665 million of debt to refinance $404 million of debt and support a 45% equity sale transaction to Advent International Corp.
The facilities will result in adjusted leverage sustained above 8x over the next 24 months, S&P said.
The outlook is stable.
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