S&P rates Smart Start loans B-, CCC

S&P said it gave Global IID Parent LLC’s (Smart Start Inc.) planned first-lien credit facilities B- issue and 3 recovery ratings and CCC issue and 6 recovery ratings to its planned $80 million second-lien loan. The facilities will consist of a $40 million revolver due in 2026 and a $385 million term loan due in 2028. Concurrently, the agency affirmed Smart Start’s B- issuer rating.

Apollo Global Management agreed to acquire Smart Start.

“We now forecast a modest improvement in S&P Global Ratings-adjusted debt to EBITDA to about 7x at the end of 2021 relative to our prior expectations of the mid-7x area. Despite our revised expectation for slower EBITDA growth, sales increased 3.2% for the 12 months ended Sept. 30, 2021, driven by a solid rebound since the second-quarter 2021, as U.S. court and department of motor vehicles (DMV) centers reopen and the company works through its healthy backlog.

The outlook is stable.

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