...February 9, 2024 This report does not constitute a rating action. MILAN (S&P Global Ratings) Feb. 9, 2024--S&P Global Ratings said today that it considers engineering and technology service provider Expleo Group's (B-/Positive/--) 50 million add-on to a 5%, 500 million term loan B tranche, due September 2027, to be neutral to the credit rating. We understand that the proceeds of the add-on are fungible with the existing term loan and will fund a 50 million reimbursement of the current 73 million of outstanding drawings under the revolving credit facility (RCF), which is also due in March 2029. As such, the transaction will partially free up the company's RCF capacity for liquidity purposes and future mergers and acquisitions. There is no effect on our forecasts because we had previously anticipated the impact on interest expenses of a potential add-on and because the transaction is leverage neutral. As such, our 'B-' long-term issuer credit rating and 'Positive' outlook on Expleo Group...
