This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 23, 2023--S&P Global Ratings today said that Bright Bidco B.V. ?s new $75 million super senior secured revolving credit facility (RCF) due 2026 gives the company sufficient liquidity to better navigate current economic uncertainty. Bright Bidco (B-/Negative/--), which operates as Lumileds, is up against persisting weak end-market demand, cost inflation, and supply chain disruption, which could further strain the company's cash flow in 2023. That said, the new RCF, alongside the company?s sizable post-bankruptcy emergence cash balance of about $100 million, underpins its liquidity profile, which we continue to assess as adequate. We estimate that Bright Bidco?s liquidity sources cover uses by about 1.7x pro forma the
