Bulletin: ASP Dream Acquisition Co. LLC's $100 Million Incremental First-Lien Term Loan Is Leverage Neutral

NEW YORK (S&P Global Ratings) Feb. 13, 2024--S&P Global Ratings today said that ASP Dream Acquisition Co. LLC's (d/b/a FullBloom; B-/Stable/--) $100 million incremental first-lien term loan is leverage neutral. The company intends to use the proceeds from the incremental loan to fully repay its existing $100 million second-lien term loan. Our current issuer credit rating and outlook on FullBloom are unaffected. The company has continued to strongly expand its revenue (we expect it will increase its revenue by about 10% in fiscal year 2024) supported by the outsized demand for its services and the favorable funding environment. Therefore, we forecast FullBloom will reduce its leverage to the low-5x area by the end of fiscal year 2024 (ending July 2024).

...February 13, 2024 NEW YORK (S&P Global Ratings) Feb. 13, 2024--S&P Global Ratings today said that ASP Dream Acquisition Co. LLC's (d/b/a FullBloom; B-/Stable/--) $100 million incremental first-lien term loan is leverage neutral. The company intends to use the proceeds from the incremental loan to fully repay its existing $100 million second-lien term loan. Our current issuer credit rating and outlook on FullBloom are unaffected. The company has continued to strongly expand its revenue (we expect it will increase its revenue by about 10% in fiscal year 2024) supported by the outsized demand for its services and the favorable funding environment. Therefore, we forecast FullBloom will reduce its leverage to the low-5x area by the end of fiscal year 2024 (ending July 2024). However, we believe the company's cash flow profile will likely continue to be negatively affected by material fluctuations in its working capital usage due to the seasonal nature of its business and long collection cycles....

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