???Aurora 2024 S.a.r.l. (also known as ADB Safegate) is seeking to issue a seven-year €500 million term loan B and raise a new €100 million revolving credit facility (RCF). It has also raised €184 million in equity from its existing and new shareholders and a €100 million payment-in-kind (PIK) note to refinance its upcoming debt maturities. ?In our base-case scenario, we expect ADB's strong orderbook and robust underlying market dynamics will boost its revenue to about €575 million in 2025 and €604 million in 2026, from €543 million in 2024. We also forecast that higher volumes and better cost management will enable the company to increase its S&P Global Ratings-adjusted EBITDA margin to about 16.0%-17.5% in 2025 and 2026 from
