Research Update: InfoPro Digital Upgraded To 'B' On Strong Operating Performance, Refinancing; Proposed Notes Rated 'B'; Outlook Stable

Business-to-business (B2B) information provider InfoPro Digital Group B.V. (InfoPro Digital) plans to refinance its capital structure, raise €975 million senior secured notes (SSNs), and upsize its super senior revolving credit facility (RCF) to €130 million. As part of the transaction, the company will pay €193 million to its shareholder, financial sponsor TowerBrook, to fund the acquisition of InfoPro Digital by TowerBrook and co-investors. InfoPro Digital's business has strengthened over recent years and it has restored profitability to pre-pandemic levels. We expect the company's revenue will increase in 2023-2024 by 4%-7% and adjusted EBITDA margin will improve to about 26%. While the proposed transaction will temporarily increase InfoPro Digital's leverage above 7x in 2023, we expect thereafter it will fall below

... InfoPro Digital Group B.V. (InfoPro Digital) plans to refinance its capital structure, raise 975 million senior secured notes (SSNs), and upsize its super senior revolving credit facility (RCF) to 130 million. As part of the transaction, the company will pay 193 million to its shareholder, financial sponsor TowerBrook, to fund the acquisition of InfoPro Digital by TowerBrook and co-investors. - InfoPro Digital's business has strengthened over recent years and it has restored profitability to pre-pandemic levels. We expect the company's revenue will increase in 2023-2024 by 4%-7% and adjusted EBITDA margin will improve to about 26%. - While the proposed transaction will temporarily increase InfoPro Digital's leverage above 7x in 2023, we expect thereafter it will fall below 7.0x due to continued EBITDA growth and no material re-leveraging transactions. We also forecast the company will continue generating positive free operating cash flow...

Research Update