S&P rates Multiversity, notes B+

S&P said it assigned Multiversity SpA’s issuer rating to B+ and upgraded its rating for the notes issued by Paganini Bidco SpA to B+ from B.

CVC-owned Paganini and its intermediate holding companies merged into the operating company, Multiversity srl, whose legal form has been changed to Multiversity SpA. Paganini transferred all its assets and liabilities, including the €765 million of notes and €100 million super senior revolving credit facility to Multiversity SpA, while reimbursing its €221 million bridge facility with €240 million cash present at the intermediate holding companies.

“Solid business growth will drive S&P Global Ratings-adjusted leverage below 5x. At the closure of CVC's acquisition, in October 2021, we estimated that S&P Global Ratings-adjusted leverage was 6x. As of Dec. 31, 2021, leverage declined to 5.7x, and we forecast it will reduce further to 4.9x as of December 2022 and to 3.7x-4.2x in 2023. Deleveraging for the group stems from solid business expansion, with total enrolled students passing from about 87,000 in 2020 to about 125,000 as of June 30, 2022, and above 150,000 by 2023, in our base case,” the agency said in a press release.

S&P said it forecasts Multiversity’s adjusted EBITDA to exceed €142 million in 2021, and top €200 million by 2023 from €94 million in 2020.

The outlook is stable.

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