Asterix Investment S.a.r.l. is the parent company of Germany-based Asterix HoldCo (B+/Stable/--) and the U.S. subsidiaries RAW Nutrition and BUM Energy Drink (both unrated), which together form an omnichannel nutrition business, The Quality Group (TQG). TQG plans to refinance the existing €600 million term loan B (TLB) issued by Asterix HoldCo with a new €950 million facility to be issued by the financing subsidiary of Asterix Investment, Asterix Acquisition S.a.r.l., and use the incremental proceeds, together with approximately €127 million of surplus cash, to fund a payout to its shareholders. We expect the proposed dividend recapitalization to increase the group?s debt to EBITDA to 3.3x from 2.6x at year-end 2025. However, we expect leverage to trend below 3x over the
