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S&P rates Castle UK, notes B+
S&P said it gave preliminary B+ ratings to Castle UK Finco plc and its planned £815 million of senior secured notes. The notes’ recovery rating is 4.
Apollo Global Partners acquired Miller Homes Group Holdings plc, and Castle is the new holding company.
“Following the recent transaction, we expect Castle's leverage to be about 4x in 2022 before decreasing to about 3.6x-3.7x in 2023 thanks to robust EBITDA generation on the back of supportive market conditions,” S&P said in a press release.
Apollo funded the acquisition using a £815 million bridge facility, to be replaced by the notes, and equity of about £500 million.
The outlook is stable.
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