...October 18, 2021 - Paganini Bidco SpA plans to issue 765 million of floating rate notes, a 222 million bridge to cash facility, and a 100 million super senior revolving credit facility (RCF) to finance CVC's buyout of the remaining 50% of Multiversity s.r.l., the leading Italian online university platform. CVC will contribute with 42 million of equity. - Within 18 months of the acquisition, Paganini Bidco will reverse merge into Multiversity s.r.l. and its intermediate holding companies, such that post-transaction Multiversity s.r.l. will assume Paganini's debt obligations and will be the rated entity going forward. - We assigned our preliminary 'B' long-term issuer credit rating to Paganini Bidco and our preliminary 'B' issue rating, with a preliminary '3'(55%) recovery rating, to the company's proposed floating rate notes. - The positive outlook reflects our expectation that the company will achieve substantial EBITDA growth, on the back of a growing student base, such that S&P Global...
