Bulletin: Infopro Digital's Announced Debt-Funded Acquisition Only Moderately Increases Leverage

This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) July 16, 2024--S&P Global Ratings today said that Infopro Digital B.V. ?s plans to raise an additional €90 million senior secured notes to fund the acquisition of the U.K.-based event businesses UKREiiF and 1LoD, alongside the related transaction fees, will only moderately increase its leverage. We also think the proposed transaction will be broadly neutral for Infopro Digital's free cash flow and interest coverage metrics. Our issue and recovery ratings on Infopro's senior secured debt are unchanged. The add-on tap will have the same terms and maturity as the existing fixed-rate notes. The transaction follows a refinancing in June 2024 that already slightly increased leverage. We estimate that

...July 16, 2024 This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) July 16, 2024--S&P Global Ratings today said that Infopro Digital B.V.'s plans to raise an additional 90 million senior secured notes to fund the acquisition of the U.K.-based event businesses UKREiiF and 1LoD, alongside the related transaction fees, will only moderately increase its leverage. We also think the proposed transaction will be broadly neutral for Infopro Digital's free cash flow and interest coverage metrics. Our issue and recovery ratings on Infopro's senior secured debt are unchanged. The add-on tap will have the same terms and maturity as the existing fixed-rate notes. The transaction follows a refinancing in June 2024 that already slightly increased leverage. We estimate that pro-forma for the 12 months contribution of the acquisitions, S&P Global Ratings- adjusted leverage will increase to 7.2x in 2024 versus our previous expectation of 7.0x. Therefore, we expect leverage will...

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