CohnReznick Advisory LLC Assigned 'B' Issuer Credit Rating; Outlook Stable; New Debt Rated 'B'

Funds advised by private-equity sponsor Apax Partners LLP and an independent co-investor have entered into an agreement to fund a strategic growth investment in New York-based professional services firm CohnReznick Advisory LLC. In conjunction with the transaction, the company will issue a new $790 million senior secured credit facility comprised of a $540 million initial term loan due 2032, a $125 million delayed draw term loan due 2032, and a $125 million revolver due 2030. The revolving credit facility will be available at close subject to limitations on use of proceeds available to finance the strategic growth investment. The delayed draw term loan will be fully available at close. We assigned our 'B' issuer credit rating to CohnReznick. At the

...March 13, 2025 - Funds advised by private-equity sponsor Apax Partners LLP and an independent co-investor have entered into an agreement to fund a strategic growth investment in New York-based professional services firm CohnReznick Advisory LLC. - In conjunction with the transaction, the company will issue a new $790 million senior secured credit facility comprised of a $540 million initial term loan due 2032, a $125 million delayed draw term loan due 2032, and a $125 million revolver due 2030. The revolving credit facility will be available at close subject to limitations on use of proceeds available to finance the strategic growth investment. The delayed draw term loan will be fully available at close. - We assigned our 'B' issuer credit rating to CohnReznick. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed senior secured credit facility. The recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 50%)...

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