Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan - S&P Global Ratings’ Credit Research

Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan

Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan - S&P Global Ratings’ Credit Research
Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan
Published Dec 12, 2023
3 pages (1379 words) — Published Dec 12, 2023
Price Free  |  Buy this Report Now

About This Report

  
Abstract:

This report does not constitute a rating action. Englewood (S&P Global Ratings) Dec. 12, 2023--S&P Global Ratings today said its ratings on Ankura Holdings L.P. (B-/Stable/--) are unchanged following the company?s announcement of a proposed $50 million incremental first-lien term loan, which we understand to be fungible with the company's initial $540 million first-lien term loan. Ankura will use the proceeds for a combination of tuck-in mergers and acquistions (M&A), reduction of seller?s notes, and addition of cash to the balance sheet. Although the transaction will keep the company?s leverage elevated above 10x in 2023 (assuming no M&A contribution), we expect credit metrics will improve in 2024 due to organic revenue and EBITDA growth. Our 'B-' issuer credit rating and

  
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, loss of clients, and loss of key employees....

  
Report Type:

Bulletin

Ticker
1544795D
Issuer
Ankura Holdings L.P.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan" Dec 12, 2023. Alacra Store. May 18, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ankura-Holdings-L-P-s-Leverage-To-Remain-Elevated-With-Proposed-50-Million-Incremental-Term-Loan-3101623>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Ankura Holdings L.P.?s Leverage To Remain Elevated With Proposed $50 Million Incremental Term Loan Dec 12, 2023. New York, NY: Alacra Store. Retrieved May 18, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ankura-Holdings-L-P-s-Leverage-To-Remain-Elevated-With-Proposed-50-Million-Incremental-Term-Loan-3101623>
  
Free
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.