S&P assigns B to Calceus loan

Standard & Poor's said it assigned its preliminary B corporate credit rating to Calceus Acquisition Inc. The outlook is stable.

At the same time, the agency assigned Calceus' proposed $270 million senior secured term loan a preliminary B issue-level rating (the same as the corporate credit rating) with a preliminary recovery rating of 3, indicating S&P's expectation for meaningful (50% to 70%) recovery for the lenders in the event of a payment default.

"Our ratings on Calceus reflect our view that the company's debt levels are high following its acquisition by financial sponsor Apax Partners, resulting in pro forma adjusted debt-to-EBITDA leverage in excess of 7x," said S&P credit analyst Linda Phelps in a news release.

© 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.