S&P rates Inspired Education loan B

S&P said it assigned B issue-level and 3 recovery ratings to Inspired Education Holdings Ltd.’s planned €350 million term loan B; the 3 recovery rating indicates about a 60% recovery (rounded estimate) in a default scenario.

Concurrently, the agency affirmed the B ratings Inspired and its outstanding debt.

Inspired Education Group's plans to fund €410 million of acquisitions –– Alpha Plus Group for about €270 million and other small bolt-on assets –– using the new loan and €125 million of new equity, which will result in leverage slightly over 6x in 2023. S&P said it forecasts a decline to 5.5x–6x in 2024 after the new schools are integrated.

The outlook is stable.

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