S&P rates Arvos B-, loans B-, CCC

S&P said it gave a B- issuer rating to Arvos LuxCo Sarl, B- issue-level and 3 recovery ratings to Arvos BidCo Sarl’s €175 million first-lien term loan and CCC issue-level and 6 recovery ratings to €30 million loan issued by Arvos Holding Sarl. The outlook is stable.

Arvos completed a debt restructuring on April 9.

“We believe that Arvos' new capital structure will allow the company to substantially reduce leverage to about 4.7x in 2025 and 4x in 2026 and generate positive free operating cash flow (FOCF) during these years,” S&P said in a press release.

The stable outlook reflects the view Arvos will keep its leverage under 5x and FFO cash interest of about 2x, the agency said.

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