...October 20, 2021 PARIS (S&P Global Ratings) Oct. 20, 2021--France-based ingredients manufacturer Solina plans to issue a 100 million add-on to its 585 million term loan B facility, issued by Powder Bidco SAS. S&P Global Ratings said today that the proposed add-on will leave Solina little rating headroom. Indeed, under our new base-case projections, we predict that S&P Global Ratings-adjusted debt leverage will be close to 7x until year-end 2022. Solina Group Holding (B/Stable/--) will use the proceeds of the new debt, along with a 15 million of equity injection from its sponsor, to fund two bolt-on acquisitions: Dutch seasoning producer Food Compounds and another company. The latter acquisition will be closing soon. The acquisition of Food Compounds should improve operating margins because of its customized and integrated coating offerings for the potato processing industry, and its patented technology. Under our base-case scenario, we now assume Solina will generate adjusted EBITDA of...
