S&P rates Cerba notes B, CCC+

S&P said it assigned its B rating to Cerba Healthcare's proposed €420 million of senior secured notes maturing 2028 and its CCC+ rating to the company's planned €325 million of senior unsecured notes maturing 2029. Chrome HoldCo SAS is Cerba's ultimate holding company and will issue both series of notes.

The secured notes’ recovery rating is 3, indicating an expectation of meaningful recovery prospects (50%-70%, rounded estimate: 50%) in default. The unsecured notes’ recovery rating is 6, indicating an expectation of negligible recovery prospects (0%-10%, rounded estimate: 0%) in default.

Cerba is expected to use the proceeds to refinance debt and pay purchase price and transaction costs as part of the buyout by private equity firm EQT, alongside PSP Investments, Cerba's biologists and management.

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