S&P rates Syntegon, loan B

S&P said it gave preliminary B ratings to Syntegon (Platin 2025 Investments Sarl) and its planned €1.03 billion secured senior term loan to be used in refinancing its capital structure. The preliminary recovery rating on the loan is 3.

“Syntegon, a leading manufacturer of critical pharma and food processing and packaging systems, expects revenue of more than €1.3 billion in 2021, and we anticipate Syntegon will post adjusted debt to EBITDA at about 7.0x in 2022, with a gradual deleveraging to about 6x in 2023,” S&P said in a press release.

Besides the term loan, Syntegon plans to issue a €150 million revolving credit facility, ranking equally with the new term loan, and a new €175 million pari passu guarantee facility.

“We estimate that, on day one following the transaction's close, Syntegon will have about €65 million of cash on its balance sheet. The €150 million RCF will be undrawn on the same date,” S&P said.

The outlook is stable.

© 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.