...- Germany based Apleona Group GmbH plans to raise a 625 million first-lien term loan B (TLB) due 2028 to finance a 584 million shareholder distribution, and in addition, it plans to reprice the existing 210 million first-lien TLB. - Although the proposed transaction will increase the S&P Global Ratings-adjusted leverage to 6.4x in 2024, from our previous expectation of about 5.0x, we expect the company to generate healthy cash flows and funds from operations (FFO) cash interest coverage of about 2.7x, which is within our 'B' rating threshold. - We therefore affirmed our 'B' long-term issuer credit rating on Apleona Group and its financing subsidiary Apleona Holding GmbH, and our 'B' issue rating and '3' recovery rating (indicating our expectation for about 55% recover) on its senior secured debt, including the proposed incremental 625 million TLB and repriced 210 million TLB (which will be rolled into a new 835 million TLB3). - The stable outlook reflects our view that Apleona will successfully...
