Buccaneer Intermediate Holdco Ltd. Assigned 'B-' Issuer Credit Rating; Outlook Stable; First-Lien Debt Rated 'B-'

Private equity firm Genstar Capital LLC plans to acquire CRF Health Group Ltd., funded in part with new debt, and combine it with a company in its portfolio, Bracket Intermediate Holdco Ltd. Both Bracket and CRF provide technology and analytical services for pharmaceutical clinical trials. The combined entity will be highly levered by our calculations, at 8x, or 10x including the preferred equity, which we view as debt-like. We are assigning our 'B-' issuer credit rating to Buccaneer Intermediate Holdco Limited UK, the parent of CRF Group and Bracket. We are also assigning a 'B-' issue-level rating and '3' recovery rating to the borrower's (Bracket) proposed first-lien credit facility. The stable outlook reflects our expectation that the company's leverage will

...Private equity firm Genstar Capital LLC plans to acquire CRF Health Group Ltd., funded in part with new debt, and combine it with a company in its portfolio, Bracket Intermediate Holdco Ltd. Both Bracket and CRF provide technology and analytical services for pharmaceutical clinical trials. The combined entity will be highly levered by our calculations, at 8x, or 10x including the preferred equity, which we view as debt-like. We are assigning our 'B-' issuer credit rating to Buccaneer Intermediate Holdco Limited UK, the parent of CRF Group and Bracket. We are also assigning a 'B-' issue-level rating and '3' recovery rating to the borrower's (Bracket) proposed first-lien credit facility. The stable outlook reflects our expectation that the company's leverage will remain elevated above 8x and that cash flows will be less than $20 million in 2019 as the company integrates the two companies, despite EBITDA expansion. TORONTO (S&P Global Ratings) Aug. 10, 2018--S&P Global Ratings today assigned...

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