...April 26, 2023 MILAN (S&P Global Ratings) April 26, 2023--S&P Global Ratings said today that it considers Spain-based business services company KronosNet Topco, S.L.'s (B+/Stable/--) 158 million add-on to its 5.75%, 305 million term loan B due October 2029 to be leverage neutral. We understand that the proceeds of the add-on are fungible with the existing term loan and will fund a 158 million reimbursement of the 305 million outstanding term loan A, which is also due in October 2029. KronosNet reported a sales increase of 4.5% on a pro forma basis in 2022. This was thanks to a rise in volumes and prices more than compensating for a decline in volumes at Comdata in France, Italy, and Spain. At the same time, KronosNet's S&P Global Ratings-adjusted EBITDA margin grew by roughly 80 basis points to 10.6% last year, up from a restated 9.8% in 2021, but still behind our expectation of 11.5%. The discrepancy resulted from higher costs, notably higher energy prices, and investments in cybersecurity...
