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S&P rates Kane Bidco, loan, notes B
S&P said it gave preliminary B ratings to Kane Bidco Ltd. and its new capital structure, consisting of a £100 million super senior revolving credit facility, of which £50 million is expected to be drawn, and £675 million of senior secured notes.
True Potential sold a majority ownership stake to Cinven and is refinancing its capital structure.
“Pro forma for the transaction, we anticipate S&P Global Ratings-adjusted leverage to be relatively high, with debt to EBITDA of about 5x for fiscal year (FY) ending Dec. 31, 2021, comparable with similarly rated peers. We also take into account the track record of growth through acquisitions and private equity ownership,” S&P said in a press release.
However, the agency said it projects adjusted gross debt to EBITDA will improve to about 5x over the next 12 to 24 months.
The outlook is positive.
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