S&P assigns B to Apollo Swedish, notes

S&P said it assigned B ratings to Apollo Swedish Bidco AB and its planned €480 million of senior secured floating-rate notes, with a 3 recovery rating, indicating meaningful recovery prospects (50%-70%; rounded estimate 50%) in default. The outlook is stable.

Triton, which owns Assemblin Group AB, sold Assemblin to its continuation fund through Apollo Swedish. It will fund the deal through the new notes, which will be used to repay Assemblin’s €350 million of senior secured notes. The company is also raising a new super senior revolving credit facility of SEK 1.1 billion.

“While we forecast this refinancing will increase leverage by about 1x to close to 6x by the end of 2023, we continue to forecast deleveraging thereafter. Assemblin's positive operating performance has resulted in deleveraging by 0.6x during 2022, to 5x, which has continued during first-quarter 2023, with about 12% organic revenue growth and 60 basis points (bps) of company reported EBITDA margin expansion,” S&P said in a press release.

The agency said it plans to withdraw Assemblin’s B issuer rating.

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