Spain-headquartered customer relationship management (CRM) and business process outsourcing (BPO) provider Konecta was acquired by Intermediate Capital Group (ICG) and its senior management in February 2019. The group was acquired under new intermediate holding company, Giralda Holding Conexion, S.L.U., which raised a new €320 million senior secured, first-lien term loan B (TLB), supported by a €60 million first-lien revolving credit facility. We are assigning our 'B+' long-term issuer credit rating to Giralda Holding Conexion, S.L.U. and our 'B+' and '3' recovery ratings to the group's senior secured facilities. The stable outlook reflects our expectation that low-single-digit-percentage GDP growth in Spain and Latin America will drive similar revenue growth for Konecta, with adjusted EBITDA margins sustained above 10%, and adjusted debt
