Bulletin: Tempo Acquisition LLC (Alight Inc.) Credit Metrics Unchanged By S-1 Filing; Majority Financial Sponsor To Retain Control

NEW YORK (S&P Global Ratings) March 11, 2019--S&P Global Ratings announced today that Tempo Acquisition LLC's (Alight Inc.) creditworthiness will not be affected by its upcoming plans for an IPO. At this time, the ratings will remain the same. Alight has filed a Form S-1 filing for its proposed IPO. The company indicated in the filing that it may use the proceeds from the offering for indebtedness under the term loan B facility ($2.83 billion outstanding as of Dec. 31, 2018) and pay associated expenses. Following the completion of the IPO, we expect Alight to repay $714 million of debt and The Blackstone Group L.P. and other pre-IPO sponsors will own more than 50% of the company. We expect Blackstone

...NEW YORK (S&P Global Ratings) March 11, 2019--S&P Global Ratings announced today that Tempo Acquisition LLC's (Alight Inc.) creditworthiness will not be affected by its upcoming plans for an IPO. At this time, the ratings will remain the same. Alight has filed a Form S-1 filing for its proposed IPO. The company indicated in the filing that it may use the proceeds from the offering for indebtedness under the term loan B facility ($2.83 billion outstanding as of Dec. 31, 2018) and pay associated expenses. Following the completion of the IPO, we expect Alight to repay $714 million of debt and The Blackstone Group L.P. and other pre-IPO sponsors will own more than 50% of the company. We expect Blackstone to relinquish its share slowly over time. The company's debt leverage will decline to 5.7x from 7.1x, and we expect it to generate healthy cash flows of about $160 million annually through 2020 and that cost-saving initiatives in which it has made significant investments will drive deleveraging...

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