Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable

Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable
Published Jan 20, 2020
7 pages (2638 words) — Published Jan 20, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Chemicals and food ingredient distributor Azelis plans to fund bolt-on acquisitions via a €75 million add-on to its first-lien term loans and cash on hand. Modest organic growth and contributions from acquired businesses will limit the impact on leverage this year, and we still expect that S&P Global Ratings-adjusted debt to EBITDA will be about 7.0x in 2019 and 2020. We are affirming our 'B' ratings on Azelis Holding Sarl (formerly Akita MidCo Sarl), and the first-lien debts. The stable outlook indicates that we expect the group to generate positive free cash flows in the coming years, and to report favorable interest coverage ratios higher than 2.5x. We affirmed the ratings due to the relatively favorable multiples at which Azelis

  
Brief Excerpt:

...- Chemicals and food ingredient distributor Azelis plans to fund bolt-on acquisitions via a 75 million add-on to its first-lien term loans and cash on hand. - Modest organic growth and contributions from acquired businesses will limit the impact on leverage this year, and we still expect that S&P Global Ratings-adjusted debt to EBITDA will be about 7.0x in 2019 and 2020. - We are affirming our 'B' ratings on Azelis Holding Sarl (formerly Akita MidCo Sarl), and the first-lien debts. - The stable outlook indicates that we expect the group to generate positive free cash flows in the coming years, and to report favorable interest coverage ratios higher than 2.5x....

  
Report Type:

Research Update

Issuer
Azelis Holding S.a r.l.
Sector
Global Issuers
Country
Luxembourg
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable" Jan 20, 2020. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Azelis-Holding-Sarl-Affirmed-At-B-On-Debt-Increase-For-Acquisitions-Outlook-Stable-2370198>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Azelis Holding Sarl Affirmed At 'B' On Debt Increase For Acquisitions; Outlook Stable Jan 20, 2020. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Azelis-Holding-Sarl-Affirmed-At-B-On-Debt-Increase-For-Acquisitions-Outlook-Stable-2370198>
  
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