S&P rates GI Consilio, loans B-, CCC

S&P said it assigned a B- ratings to newly formed GI Consilio Parent LLC, which is in line with its previous ratings for Consilio, and to its first-lien loans. Stone Point Capital is acquiring Consilio and plans to merge it with Xact Data Discovery, which Aquiline Partners is buying. Consilio and Xact will merge, and the combined company will operate under the Consilio name.

Its capital structure will include a seven-year first-lien $1.01 billion term loan, a five-year $75 million revolver to be undrawn at closing and an eight-year second-lien $300 million second-lien term loan.

S&P gave the first-lien loans B- and 3 recovery ratings and the second-lien loan CCC and 6 recovery ratings.

“We expect pro forma adjusted leverage to remain similar to historical levels for Consilio, at about 7x. As a result, we assigned our B- issuer credit rating to the newly formed GI Consilio Parent LLC, in line with our previous ratings for Consilio,” the agency said in a press release.

The outlook is stable, reflecting S&P’s view that adjusted leverage will stay in the 6.5x – 7.5x range over the next year.

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