Research Update: AqGen Island Holdings, Inc. Assigned 'B-' Rating On Leveraged Buyout; Outlook Stable; New Debt Rated

Dresher, Pa.-based retirement, health, and government savings plan administrator and record-keeper AqGen Island Holdings, Inc. (Ascensus) will issue new debt related to its leveraged buyout by private equity sponsor Stone Point Capital and Singapore's sovereign wealth fund, GIC. We expect the current private equity owners Genstar Capital and Aquiline Capital Partners will retain a minority stake in the company. The transaction is roughly leverage-neutral and modestly improves the company's liquidity position. As a result, we are assigning our 'B-' issuer credit rating to AqGen Island Holdings, Inc., Ascensus' new parent holding company. The rating is the same as our historical rating on the company. We will discontinue all ratings on AqGen Ascensus, Inc. following the proposed acquisition and repayment of

...- Dresher, Pa.-based retirement, health, and government savings plan administrator and record-keeper AqGen Island Holdings, Inc. (Ascensus) will issue new debt related to its leveraged buyout by private equity sponsor Stone Point Capital and Singapore's sovereign wealth fund, GIC. We expect the current private equity owners Genstar Capital and Aquiline Capital Partners will retain a minority stake in the company. - The transaction is roughly leverage-neutral and modestly improves the company's liquidity position. - As a result, we are assigning our 'B-' issuer credit rating to AqGen Island Holdings, Inc., Ascensus' new parent holding company. The rating is the same as our historical rating on the company. We will discontinue all ratings on AqGen Ascensus, Inc. following the proposed acquisition and repayment of the existing debt. - We are also assigning our 'B-' issue-level rating and '3' recovery rating to the company's proposed first-lien credit facility, which will include a $175 million...

Research Update