S&P rates AutoForm loan B

S&P said it assigned a preliminary B long-term issuer credit rating to CEP V Investment 23 Sarl, the immediate holding company of AutoForm, and a B issue rating to a proposed senior secured term loan.

The outlook is stable.

In November, private equity firm Carlyle agreed to acquire Switzerland-based sheet metal forming and assembly simulation software provider AutoForm. The transaction will be partly funded by a €472 million senior secured term loan, an undrawn €55 million revolver and a €184 million payment-in-kind facility.

“The stable outlook reflects our view that AutoForm's revenue growth will accelerate to 12%-14% in 2022-2023 compared with about 10% in 2021, thanks to upselling, increasing customer penetration, and new assembly solutions, while adjusted EBITDA margin will continue at more than 50%,” S&P said in a news release.

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