Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-' - S&P Global Ratings’ Credit Research

Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-'

Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-' - S&P Global Ratings’ Credit Research
Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-'
Published Jun 11, 2021
3 pages (1407 words) — Published Jun 11, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) June 11, 2021--S&P Global Ratings today assigned its 'B-' issue-level rating to Pluto Acquisition I Inc.'s proposed first-lien term loan. The company is refinancing its outstanding $349.7 million and $523.7 million first-lien term loans due in June 2026. The transaction is leverage-neutral. Our 'B-' issuer credit rating on Pluto Acquisition (doing business as AccentCare) continues to reflect our expectation that leverage will remain 6.5x-7.5x and for solid free cash flow, which we estimate between $30 million and $40 million this year. The positive outlook reflects our base-case expectation that AccentCare's margins will improve in 2021 from economies of scale and higher-margin businesses. ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors AccentCare's capital structure will comprise

  
Brief Excerpt:

...June 11, 2021 NEW YORK (S&P Global Ratings) June 11, 2021--S&P Global Ratings today assigned its 'B-' issue-level rating to Pluto Acquisition I Inc.'s proposed first-lien term loan. The company is refinancing its outstanding $349.7 million and $523.7 million first-lien term loans due in June 2026. The transaction is leverage-neutral. Our 'B-' issuer credit rating on Pluto Acquisition (doing business as AccentCare) continues to reflect our expectation that leverage will remain 6.5x-7.5x and for solid free cash flow, which we estimate between $30 million and $40 million this year. The positive outlook reflects our base-case expectation that AccentCare's margins will improve in 2021 from economies of scale and higher-margin businesses. ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors AccentCare's capital structure will comprise a $150 million asset-based lending (ABL) facility (unrated), $40 million first-lien revolving credit facility, new $873 million first-lien term loan, $130 million...

  
Report Type:

Ratings Action

Issuer
Pluto Acquisition I Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-'" Jun 11, 2021. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Pluto-Acquisition-I-Inc-s-Proposed-First-Lien-Debt-Rated-B-2665945>
  
APA:
S&P Global Ratings’ Credit Research. (). Pluto Acquisition I Inc.'s Proposed First-Lien Debt Rated 'B-' Jun 11, 2021. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Pluto-Acquisition-I-Inc-s-Proposed-First-Lien-Debt-Rated-B-2665945>
  
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