S&P assigns B to Anticimex add-on

S&P said it assigned its B issue rating to the $400 million first-lien term loan B6, due November 2028, that Anticimex Inc. plans to add on to its B rated senior secured debt. The recovery rating on the proposed term loan is 3, indicating meaningful recovery (50%-70%; rounded estimate:55%) in default.

Anticimex Inc. is the U.S. subsidiary of Anticimex Global, which will use the proceeds to repay the amount outstanding under its revolving credit facility and reprice its $200 million first-lien term loan B5. The group also plans to upsize its revolver by SEK 1 billion to SEK 4 billion.

“We consider the proposed transaction to be leverage neutral and that it leaves the group's debt metrics within the thresholds of our B rating,” S&P said in a press release.

The outlook is stable.

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