Moody’s rates Jaggaer loans B2

Moody's Investors Service said it assigned new ratings to S2P Acquisition Borrower, Inc. (Jaggaer), including a B3 corporate family rating and a B3-PD probability of default rating.

Concurrently, Moody's assigned B2 ratings to the company's proposed $80 million senior secured revolver and $510 million senior secured first-lien term loan.

The outlook is stable.

Proceeds from the proposed $510 million first-lien term loan, euro-denominated $205 million second-lien notes (unrated) and new sponsor equity will be used to fund the acquisition of the company by Cinven from Accel-KKR.

“Jaggaer's second leveraged buyout significantly increases its debt load, bringing pro forma leverage up to 9.4x and weakening free cash flow generation,” Moody's analyst Mariya Moore said in a news release.

© 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.