S&P rates Sirona Holdco, loans B

S&P said it gave preliminary B ratings to Sirona Holdco and its planned seven-year €830 million term loan. Besides, the term loan, Sirona will obtain a €130 million revolving credit facility due in 6.5 years.

SK Capital is acquiring a majority stake in the Seqens group through its holding company Sirona Holdco.

“The preliminary ratings reflect relatively moderate debt at closing of the transaction, which primarily includes the €830 million proposed TLB, translating into about 5.5x S&P Global Ratings-adjusted debt to EBITDA as of end-2021. This is based on our expectation of adjusted EBITDA of €180 million-€185 million in 2021. Following a very strong year in 2020, the positive market trend has continued into 2021 with high demand for pharmaceuticals and a gradual recovery of market demand in some of the chemicals businesses, which were affected by the pandemic last year,” S&P said in a press release.

The outlook is stable.

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