...- Blitz 20-486 GmbH is an intermediate holding company incorporated by PAI Partners to acquire Apleona, a Germany-based provider of technical facility management (FM) services. - Blitz 20-487 GmbH, its wholly owned subsidiary, is proposing to issue a seven-year 740 million senior secured term loan B (TLB) and an eight-year 100 million second-lien loan to repay Apleona's existing debt and finance the transaction. The group's new capital structure will also include a 145 million senior secured revolving credit facility (RCF). - We are assigning our 'B' long-term issuer credit rating to Blitz 20-486 GmbH and its finance subsidiary Blitz 20-487 GmbH, and our 'B' issue rating and '3' recovery rating to the proposed senior secured term loan B and RCF. - The stable outlook reflects our view that Apleona will continue to increase its EBITDA base and will be able to generate positive free operating cash flow (FOCF) after transition year 2021, thanks to solid organic growth in its market, a strong...
