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S&P rates System One, loans B-
S&P said it assigned B- ratings to OCM System One Buyer CTB LLC (System One Holdings LLC) and its planned $280 million term loan and $45 million revolver, which will be undrawn at close.
Oaktree Capital Management will use the term loan proceeds with $363 million of equity to acquire the company.
“Pro forma for the transaction, System One’s adjusted leverage is in the high-5x area and adjusted free operating cash flow (FOCF) to debt about 5% as of Sept. 30, 2020,” S&P said in a press release.
S&P assigned a stable outlook, reflecting expectations for low-single-digit percentage revenue growth and declining leverage to about mid-5x over the next 12 months.
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