New Senior Secured Notes Issued By Business Integration Partners S.p.A. Rated 'B'; Outlook Stable

MADRID (S&P Global Ratings) May 22, 2024--S&P Global Ratings today assigned our 'B' issue rating on Business Integration Partners (BIP)'s newly issued senior secured notes, with a '3' recovery rating, in line with the long-term issuer credit rating on BIP (B/Stable/--). During 2023, free operating cash flow (FOCF) generation was solid with €31 million thanks to its EBITDA growth and limited capital expenditure of less than €7 million. This is partially offset by moderate working capital outflows of €24.4 million. Over the next 12 months, we forecast deleveraging to 6.0x thanks to solid EBITDA growth and positive FOCF generation of about €25 million. The approximately 11% revenue growth supports the deleveraging trajectory. There is growth across all verticals, particularly from

...May 22, 2024 MADRID (S&P Global Ratings) May 22, 2024--S&P Global Ratings today assigned our 'B' issue rating on Business Integration Partners (BIP)'s newly issued senior secured notes, with a '3' recovery rating, in line with the long-term issuer credit rating on BIP (B/Stable/--). Italian-based digital transformation and business advisory company BIP has issued new 70 million senior secured notes to provide additional liquidity and for other general corporate purposes. We view the transaction as leverage neutral given the proceeds are used to repay the drawn super senior revolving credit facility (RCF) of 18 million as of the end of December 2023. The transaction will provide additional liquidity to address an estimated 42 million of upcoming deferred considerations, earn outs, and put minority options in 2024 and further, which we consider as debt in our credit metrics calculations. We assigned our 'B' issue rating on the new senior secured notes, in line with the long-term issuer credit...

Ratings Action