...- Iris HoldCo GmbH, holding company of Rodenstock, intends to issue a 660 million term loan B and a new 120 million revolving credit facility (RCF) through its financing vehicle Iris BidCo GmbH. Iris HoldCo will use the proceeds to finance the Rodenstock acquisition by private equity firm Apax Partners. - The capital structure under the new ownership will likely be highly leveraged, with an estimate S&P Global Ratings-adjusted debt-to-EBITDA ratio of 8.5x-9.0x, including our adjustment for postemployment obligations, in the next 12 months. - We assigned our 'B-' ratings to Iris HoldCo and the proposed term loan B. - The stable outlook reflects our view that Rodenstock's operating performance should remain resilient over the next 12 months with positive organic growth, improving EBITDA margin, and positive annual free operating cash flow (FOCF)....
