Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan - S&P Global Ratings’ Credit Research

Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan

Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan - S&P Global Ratings’ Credit Research
Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan
Published Nov 19, 2024
3 pages (1427 words) — Published Nov 19, 2024
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About This Report

  
Abstract:

This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Nov. 19, 2024--S&P Global Ratings today said that its ratings on Ankura Holdings L.P. (B-/Stable/--) are unchanged following Ankura Consulting Group LLC's announcement of a $65 million incremental first-lien term loan, which we understand is fungible with its existing $850 million first-lien term loan due March 2028. Ankura will use the proceeds from this add-on for a combination of tuck-in mergers and acquisitions (M&A), the reduction of the earnout payments related to its previous M&A, and to fund senior managing director (SMD) hiring. Although the transaction will cause the company?s leverage to remain elevated above 10x in 2024 (including our treatment of the preferred shares as debt), we

  
Brief Excerpt:

...Our simulated default scenario contemplates a hypothetical payment default occurring in 2025 because of factors such as a recession, increased competition, reputational deterioration, the loss of clients, and the loss of key employees....

  
Report Type:

Bulletin

Ticker
1385185D
Issuer
Ankura Consulting Group LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Ankura Holdings L.P. – 2023/06/08 – US$ 500.00

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan" Nov 19, 2024. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ankura-Holdings-L-P-Ratings-Unaffected-By-Subsidiary-s-65-Million-Incremental-First-Lien-Term-Loan-3286775>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Ankura Holdings L.P. Ratings Unaffected By Subsidiary's $65 Million Incremental First-Lien Term Loan Nov 19, 2024. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ankura-Holdings-L-P-Ratings-Unaffected-By-Subsidiary-s-65-Million-Incremental-First-Lien-Term-Loan-3286775>
  
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