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S&P assigns TeamViewer loans B, CCC+
Standard & Poor's said it assigned its preliminary B corporate credit rating to TigerLuxOne Sarl (TeamViewer).
The outlook is stable.
At the same time, the agency assigned its preliminary B and CCC+ issue ratings to the €325 million-equivalent first-lien senior secured term loan (as well as an undrawn, at closing, revolving credit facility of about €25 million-equivalent) and to the €90 million-equivalent second-lien senior secured term loan, respectively.
Private equity firm Permira, through TeamViewer, has acquired TeamViewer from GFI Software in a leveraged buyout transaction.
S&P said the preliminary ratings on the company reflect its assessment of TeamViewer's business risk profile as "weak" and its financial risk profile as "highly leveraged".
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