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S&P rates Caldic loan B+
S&P said it assigned B+ issue-level and 3 recovery ratings to Caldic BVs (Pearls (Netherlands) Bidco BV) planned 180 million and $125 million fungible add-ons to the senior secured first-lien term loans.
The issue ratings are aligned with Caldic's already rated first-lien senior secured instruments due in 2029 and with the B+ long-term issuer credit rating, the agency said.
In our view, the proposed transaction would be largely leverage neutral, since Caldic intends to use the proceeds to refinance its existing $300 million (271 million) second lien senior secured term loan, with the remaining proceeds to fund transaction fees, original issue discount, and liquidity. The company expects interest savings of about 10 million per year due to an improved margin on the refinanced portion of its debt, S&P said in a press release.
The outlook is stable.
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