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S&P rates Triley Midco B, loans B+, CCC+
S&P said it assigned a B rating to Triley Midco 2 Ltd., the holding company for Clinigen Group plc, a B+ with a 2 recovery rating to its planned first-lien term loan and a CCC+ with a 6 recovery rating to its proposed second-lien term loan.
Triley is owned by Triton Funds, and its acquiring Clinigen. Upon the completion of Triton's acquisition of Clinigen, expected to take place this month, the agency said Clinigen will refinance its current capital structure by issuing a £610 million first-lien term loan B, £140 million second-lien term loan, and a £75 million revolving credit facility.
“We forecast S&P Global Ratings-adjusted debt to EBITDA below 7x in FY2022 and a relatively brisk reduction to close to 6x in FY2023 thanks to significant EBITDA growth. We also expect healthy positive free operating cash flow (FOCF) of about £40 million annually, which the group could use in part to fund bolt-on acquisitions,” S&P said in a press release.
The outlook is stable.
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