This report does not constitute a rating action. PARIS (S&P Global Ratings) Nov. 4, 2026--The proposed €75 million fungible add-on to ADB Safegate Luxembourg Finco S.à .r.l.'s (B/Stable/--) existing €500 million senior secured term loan B (TLB) is broadly neutral to its credit metrics while providing additional rating headroom. The add-on's terms and conditions match those of the original TLB, due June 2032. The company will use the add-on proceeds alongside approximately €41 million in cash to repay the full €116 million payment-in-kind (PIK) facility at the holding level including accrued interest. Any transaction costs will be covered by additional cash on the balance sheet. The tap issuance will be broadly neutral for S&P Global Ratings-adjusted leverage, which we expect to
