...- Germany-based Vertical Topco III GmbH, the holding company of Thyssenkrupp Elevator Technology (tk elevator), has been acquired by a consortium led by private-equity firms Advent and Cinven. - tk elevator is one of the top-four elevator technology groups globally with S&P Global Ratings-forecast 2020 adjusted revenue of about 8 billion and EBITDA of about 950 million. It serves a diversified customer base and has a high share of growing and recurring service business. - To finance the acquisitions, the group will issue notes and loans of about 8.3 billion, and 2.0 billion payment-in-kind (PIK) notes, resulting in an expected pro forma leverage of more than 11.5x (about 9.5x excluding the PIK notes) at closing, and 11x (8.5x-9.0x excluding the PIK notes) in fiscal year (FY) ending Sept. 30, 2021. - We are assigning our 'B-' long-term issuer rating to the group, our 'B' rating and '2' recovery rating to the senior secured debt, and our '###' issue rating and '6' recovery rating to the senior...
