...July 22, 2021 - AEA Holdings (Luxembourg) Sarl (International SOS or ISOS) intends to refinance its existing debt with a new $700 million senior secured term loan B (TLB) maturing in 2028, and a $80 million senior secured revolving credit facility (RCF). - Proceeds will be used to repay existing debt of $619 million, transaction fees of about $28 million, purchase minority interests of about $15 million, and prefund tax liabilities of about $8 million. - We assigned our preliminary '##' long-term issuer credit rating to AEA Holdings (Luxembourg) Sarl and AEA International Holdings (Luxembourg) Sarl. We also assigned our preliminary '##' issue rating to the senior secured TLB. The recovery rating on the senior secured facility is '3', indicating our expectation of meaningful recovery (rounded estimate: 65%) in the event of a payment default. - The stable outlook reflects our expectation of S&P Global Ratings-adjusted leverage of about 3.8x and funds from operations (FFO) to debt of about...
