Fitch assigns Skill Bidco B, notes B+

Fitch Ratings said it assigned Skill Bidco ApS an expected long-term issuer default rating of B with a stable outlook and an expected senior secured rating of B+/RR3 to the dual-tranche note planned to be issued in connection to the acquisition of Scan Global Logistics .

“The IDR reflects our expectation that SGL's strategy will be unchanged under the new ownership. We forecast EBITDA leverage at around the positive sensitivity at 4.5x and free cash flow (FCF) to turn positive from 2024. However, rising funding costs will drive EBITDA interest coverage ratio towards the negative sensitivity of 2.3x, which is reflected in the stable outlook,” Fitch said in a statement.

The company's existing debt of around €580 million will be entirely refinanced through the issuance of around $765 million in dual-tranche notes.

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