Fitch puts Curium on watch, rates second-lien loan CCC+

Fitch Ratings said it placed Curium Bidco Sarl's B+ long-term issuer default rating and BB-/RR3 senior secured instrument rating on Rating Watch negative.

The rating action follows the announcement of the intended sale of Curium, via a secondary market transaction primarily between CapVest's private equity Funds III and IV.

The transaction will be financed with a tap issue under the existing €740 million senior secured loans to a total of €960 million equivalent.

Additionally, a second-lien issuance of €275 million equivalent and PIK notes of €215 million, the latter being issued by Curium Midco Sarl outside the restricted group, will also be issued to fund the transaction.

Fitch said it also assigned to Curium's planned €275 million second-lien loans a CCC+/RR6 rating. Following completion of the transaction, Fitch said it expects to downgrade the existing senior secured debt rating by one notch to B+/RR3, applying the same rating to the enlarged senior secured facilities of €960 million.

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