...June 3, 2024 BOSTON (S&P Global Ratings) June 3, 2024--S&P Global Ratings today said that CE Intermediate I LLC (Clubessential Holdings, CEH) enhanced its scale and product offering with two acquisitions funded by an $85 million add-on to its first-lien facility. Our ratings on CEH (B-/Stable/--) are unchanged. The acquisitions will improve CEH's revenue visibility given the company mostly generates revenue via software-as-a-service (SaaS) subscription models. The add-on will be fungible with CEH's $350 million first-lien term loan facility maturing in November 2028. The targets complement CEH's parks and recreation division and its golf and club division. The former expands its customer base to include small to midsize municipalities, providing CEH with end-to-end capabilities in the recreation market, with the opportunity to convert its payments volume onto its proprietary platform. The latter adds to its products in the golf market, focused on superintendents and course maintenance....
