Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable

Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable
Published Oct 12, 2018
Published Oct 12, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

CPA Global is to acquire a U.S.-based provider of patent and trademark payment and intellectual property portfolio management solutions for $105 million. CPA Global plans to fund the acquisition through a $120 million add-on to the existing $830 million senior secured term loan, issued by its parent company, Capri Acquisitions Bidco Ltd. (Capri). While the acquisition is leverage-increasing, business growth in the year to July 31 has seen credit ratios return to about where they were after the acquisition closed (October 2017) and we expect the business to continue to generate relatively good free operating cash flow (FOCF). We are therefore affirming our 'B-' issuer credit rating on Capri and our 'B-' issue ratings and '3' recovery ratings on the

  
Report Type:

Research Update

Ticker
1541498D@JY
Issuer
GICS
Specialized Finance (40201040)
Sector
Global Issuers
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable" Oct 12, 2018. Alacra Store. Oct 18, 2018. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capri-Acquisitions-Bidco-B-Rating-Affirmed-Following-Proposed-Acquisition-Outlook-Stable-2112766>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Capri Acquisitions Bidco 'B-' Rating Affirmed Following Proposed Acquisition; Outlook Stable Oct 12, 2018. New York, NY: Alacra Store. Retrieved Oct 18, 2018 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Capri-Acquisitions-Bidco-B-Rating-Affirmed-Following-Proposed-Acquisition-Outlook-Stable-2112766>
  
US$ 225.00
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