S&P gives NielsenIQ loans B

S&P said it assigned B issue and 3 recovery ratings to NielsenIQ’s (Intermediate Dutch Holdings) $1.975 billion of planned senior secured first-lien term loans in multiple tranches denominated in U.S. dollars and euros. The company also plans on increasing its first-lien revolving credit facility to $638 million from $388 million. The new term loan will have the same 2028 maturity as the outstanding debt and the revolving credit facility’s 2026 maturity is unchanged.

The agency also affirmed its B rating on NielsenIQ.

NielsenIQ will use the proceeds to fund its acquisition of GfK SE.

“We had expected NIQ to materially start to de-lever in 2023 as it realized the benefits from its cost-reduction efforts that it put in place after Advent acquired the company in 2021. However, we now expect material de-leveraging to occur in 2024 as the company is adding $1.5 billion of pro forma debt to fund the acquisition of GfK and will realize the synergy benefits from the transaction over the next 12 to 18 months,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.