S&P assigns B to Genesys Cloud loans

S&P said it assigned B issue-level and 3 recovery ratings (50%) to Genesys Cloud Services Holdings II LLC’s planned $800 million in incremental senior secured debt and $420 million revolver.

The ratings are the same as those on Genesys’ outstanding senior secured debt.

Genesys plans to use the incremental debt to fund a dividend to shareholders.

“We expect this will increase Genesys' pro forma leverage to about 6.7x, based on its fiscal year 2024 (ended Jan. 31, 2024) EBITDA, which will remain consistent with our expectations for the current rating,” S&P said in a press release.

The outlook is stable.

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