Bulletin: KronosNet Topco's Term Loan B Add-On And Equity Injection Support Liquidity

This report does not constitute a rating action. MILAN (S&P Global Ratings) Feb. 11, 2025--S&P Global Ratings said today that it considers Spain-based business services company KronosNet Topco S.L.'s (Konecta; B/Stable/--) €75 million add-on to its 5.75%, the €870 million term loan B (TLB) due October 2029, and the €75 million equity injection from its shareholders will support Konecta's liquidity position. We continue to assess Konecta?s liquidity as adequate. We understand that the proceeds of the add-on are fungible with the existing TLB and will fund a €75 million reimbursement of €162.5 million currently drawn under the revolving credit facility (RCF) from total commitments of €200 million, whereas the €75 million of equity will add up to cash on the

...February 11, 2025 This report does not constitute a rating action. MILAN (S&P Global Ratings) Feb. 11, 2025--S&P Global Ratings said today that it considers Spain-based business services company KronosNet Topco S.L.'s (Konecta; B/Stable/--) 75 million add-on to its 5.75%, the 870 million term loan B (TLB) due October 2029, and the 75 million equity injection from its shareholders will support Konecta's liquidity position. We continue to assess Konecta's liquidity as adequate. We understand that the proceeds of the add-on are fungible with the existing TLB and will fund a 75 million reimbursement of 162.5 million currently drawn under the revolving credit facility (RCF) from total commitments of 200 million, whereas the 75 million of equity will add up to cash on the balance sheet. The additional cash gives Konecta further flexibility to execute on its strategic plan in coming years. We have revised down our forecast for 2025, due to the investments required to deploy generative artificial...

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