...- Keter Group B.V. announced on Jan. 10, 2022, its intention to refinance its capital structure and add additional cash on its balance sheet with a new 1.175 billion term loan B and 150 million revolving credit facility (RCF). - The transaction will extend the group's debt maturity profile because the proposed term loan will mature in 2029, likely reduce financing costs thanks to favorable market conditions, and improve liquidity thanks to the large RCF available. - Keter also achieved strong operational performance in 2021 thanks to its ability to capture consumer demand and its pricing and innovation strategies, such that we forecast its debt--to-leverage ratio (excluding any noncommon equity [NCE] instrument) will improve to close to 5.5x in the next 12 months, from our estimate of 6.2x in 2021. - We therefore raised our long-term issuer credit rating on Keter to 'B' from 'B-', and assigned our 'B' issue rating and '3' recovery rating to the proposed term loan B. - The outlook is stable,...
