S&P ups InfoPro, rates notes B, loan BB-

S&P said it raised its rating for InfoPro Digital Group BV to B from B- and assigned a B rating to its planned €975 million senior secured notes and a BB- issue rating to the proposed €130 million super senior revolving credit facility.

InfoPro plans to use the notes and revolver to refinance its capital structure. It also will pay €193 million to its shareholder, financial sponsor TowerBrook, to fund the acquisition of InfoPro by TowerBrook and co-investors.

“While the proposed transaction will temporarily increase InfoPro Digital's leverage above 7x in 2023, we expect thereafter it will fall below 7x due to continued EBITDA growth and no material re-leveraging transactions. We also forecast the company will continue generating positive free operating cash flow (FOCF) after finance leases of above €30 million per year,” S&P said in a press release.

The outlook is stable.

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