S&P lowers Eiger view to negative

S&P said it revised the outlook to negative from stable on Eiger Acquisition BV's (Exact) intermediate holding company.

The agency also affirmed Exact's B ratings.

S&P also said it assigning a preliminary B rating to Precise Midco BV, Eiger Acquisition's new holding company.

The outlook is negative.

S&P also said it assigned preliminary B ratings to Precise Bidco BV's proposed €50 million first-lien senior secured revolving credit facility and €450 million first-lien senior secured term loan.

Private equity firm KKR agreed to acquire Exact from Apax Partners, the agency explained.

S&P said it expects the transaction will result in an adjusted debt-to-EBITDA ratio increasing significantly to nearly 9x in 2019.

The agency also said it believes robust free cash flow may lead to swift de-leveraging.

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