Netherlands-based pharmaceutical company Centrient Holding B.V. aims to raise €595 million in five-year senior secured notes to refinance its current €515 million term loan B due 2027 and its €83 million second-lien term loan due 2028. S&P Global Ratings-adjusted debt to EBITDA under the new capital structure is initially forecast to be 5.8x, dropping to 4.5x-5.0x in 2026. We estimate free operating cash flow (FOCF) of €20 million-€40 million after absorbing expansionary investments to unlock manufacturing capacity. The company posted strong results in 2024 and we forecast a further improvement in revenue and EBITDA over 2025-2026 based on rising demand and improving manufacturing efficiency. In addition, operational issues at its Asian sites have largely been resolved, allowing exceptional costs to
