S&P rates Group of Butchers term loan B

S&P said it assigned a preliminary B long-term issuer credit rating to Group of Butchers holding company Artisan Holdco BV and preliminary B issue and 3 recovery ratings to the senior secured term loan B.

The outlook is stable.

Group of Butchers is planning to issue a new €330 million senior secured term loan B and a new €50 million senior secured revolving credit facility to refinance its current debt structure and fund two acquisitions.

“For 2022 and 2023, we project S&P Global Ratings-adjusted debt leverage of about 5.5x-6.0x, assuming the group will continue to pursue debt-financed acquisitions but stabilize its debt leverage, and positive free operating cash flow (FOCF) of €20 million-€40 million annually,” S&P said in a news release.

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