Bulletin: Solina's Proposed €100 Million Add-On To Fund Two Bolt-On Acquisitions Has No Credit Implications

This report does not constitute a rating action. PARIS (S&P Global Ratings) Feb. 13, 2023—S&P Global Ratings said today that France-based ingredients manufacturer Solina Group Holding?s proposed €100 million add-on to its term loan B facility to fund two acquisitions does not alter its view of the group?s credit quality. We predict that the group?s S&P Global Ratings-adjusted debt to EBITDA will remain at 6.0x-6.5x by the end of 2023, in line with our previous estimates (see ? Solina Group Holding 'B' Ratings Affirmed On Improved Business Standing Following Saratoga Acquisition; Outlook Stable ,? published Nov. 8, 2022, on RatingsDirect). Solina plans to issue the debt via Solina Corporate and use the proceeds to fund two bolt-on acquisitions and finance

...PARIS (S&P Global Ratings) Feb. 13, 2023--S&P Global Ratings said today that France-based ingredients manufacturer Solina Group Holding's proposed 100 million add-on to its term loan B facility to fund two acquisitions does not alter its view of the group's credit quality. We predict that the group's S&P Global Ratings-adjusted debt to EBITDA will remain at 6.0x-6.5x by the end of 2023, in line with our previous estimates (see "Solina Group Holding 'B' Ratings Affirmed On Improved Business Standing Following Saratoga Acquisition; Outlook Stable," published Nov. 8, 2022, on RatingsDirect). Solina plans to issue the debt via Solina Corporate and use the proceeds to fund two bolt-on acquisitions and finance cash on balance sheet. The first is a custom-flavored sauces and dry solutions manufacturer operating in North America and the second is specialized in custom sauces and salad dressings in Western Europe. We expect both transactions will close in the first half of the year and consider...

Bulletin