S&P rates Mitratech B-

S&P said it gave Maverick Holdco Inc. (Mitratech) a B- issuer rating. The plans to secure a $40 million first-lien revolving credit facility, a $445 million first-lien term loan, a $75 million delayed draw first-lien tranche (undrawn at close) and a $185 million second-lien term loan to partially fund its leveraged buyout by Ontario Teachers' Pension Plan Board.

The agency assigned B- and 3 recovery ratings to the first-lien debt and CCC and 6 recovery ratings to the second-lien loan.

“We forecast Mitratech's adjusted leverage will remain elevated in the mid-10x area in fiscal 2022, with the risk of re-leveraging through debt-financed acquisitions. Our ratings on Mitratech reflect elevated adjusted leverage in the high-10x area pro forma for the transaction, and we expect modest deleveraging to the mid-10x area in fiscal 2022 (year-end Jan. 31, 2022),” S&P said in a press release.

The outlook is stable.

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