| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CD&R Artemis Holdco 3 Ltd. > News item |
S&P assigns Huntsworth, loan B-
S&P said it assigned B- ratings to the holding company for Huntsworth plc CD&R Artemis Holdco 3 and its planned first-lien senior credit facilities. The recovery rating on the facilities is 3.
The facilities will consist of a proposed $300 million senior secured term loan, a £75 million second-lien term loan and a £45 million senior secured revolving credit facility.
Clayton Dubilier & Rice LLC will fund its acquisition of Huntsworth with the facilities along with £225 million of equity.
“We forecast that following the acquisition by CD&R, Huntsworth’s adjusted leverage will be high, with adjusted debt to EBITDA of about 7.5x in 2020, which will reduce toward 6.5x from 2021. In our view, continued robust organic revenue and EBITDA growth will support some deleveraging, but we think that the group’s private-equity sponsor might prioritize further growth by acquisitions over debt reduction,” S&P said in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.