Consulting services provider Ankura Holdings L.P. is proposing to refinance its capital structure with new senior secured credit facilities comprising an undrawn $75 million first-lien revolver, a $465 million first-lien term loan, and a $150 million second-lien term loan. We are assigning our 'B-' issuer credit rating to Ankura. We are also assigning our 'B-' issue-level rating to the first-lien credit facility and our 'CCC' issue-level rating to the second-lien term loan. Our stable outlook reflects our expectation that Ankura will generate positive organic revenue growth over the next two years and expand its EBITDA margins through cost efficiencies and acquisition integration. We expect the company's FOCF to debt to improve to around 3% in 2022. As a result of
