Fitch gives BB+ to Theveila loans

Fitch Ratings said it assigned expected BB+/RR3 ratings to Theveila Holdings Ltd.’s planned dollar- and euro-denominated tranches of the senior secured first-lien loans to be issued by Thevelia (US) LLC and Thevelia Finance, Sarl, respectively.

The proceeds will be used to partially fund the purchase of Vistra Group Holdings (BVI) I Ltd., repay its debt and meet related transaction costs. The deal is pending regulatory approval and is expected to close in the third quarter of 2023.

Concurrently, the agency placed Theveila Holdings’ B issuer rating and the B+/RR3 ratings on its $760 million senior first-lien secured term loan on rating watch positive. The outlook was stable.

“The RWP reflects Fitch's expectation that Thevelia's post-transaction credit profile will be commensurate with a B+ rating, with an enhanced platform of service offerings, recurring revenue from a diverse customer base, high profitability and strong cash flow generation to support deleveraging. We expect to align the post-merger leverage sensitivity thresholds to reflect the stronger business profile, with the forecast EBITDA uplift in 2024 reducing net leverage to below 6x,” the agency said in a press release.

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