Research Update: Parent of German Car Classified Ad Platforms AutoScout24, Speedster Bidco GmbH, Assigned 'B-' Rating; Outlook Stable

Private equity firm Hellman&Friedman (H&F) completed its acquisition of 100% of AutoScout24 (AS24), an operator of online car classifieds platforms, from Scout24 AG. H&F funded the acquisition with €1.9 billion equity and raised €1.1 billion of new debt via Speedster Bidco GmbH. We are assigning a 'B-' long-term issuer credit rating to AS24's parent company, Speedster Bidco GmbH. At the same time, we are assigning our 'B-' issue rating and '3(60%)' recovery rating to the company's first-lien facilities and our 'CCC' issue rating and '6(0%)' recovery rating to the company's second-lien term loan. The stable outlook reflects our view that AS24's leverage will stay elevated in 2020 amid increased uncertainty around the impact from the COVID-19 pandemic on

...- Private equity firm Hellman & Friedman (H&F) completed its acquisition of 100% of AutoScout24 (AS24), an operator of online car classifieds platforms, from Scout24 AG. - H&F funded the acquisition with 1.9 billion equity and raised 1.1 billion of new debt via Speedster Bidco GmbH. - We are assigning a 'B-' long-term issuer credit rating to AS24's parent company, Speedster Bidco GmbH. - At the same time, we are assigning our 'B-' issue rating and '3(60%)' recovery rating to the company's first-lien facilities and our '###' issue rating and '6(0%)' recovery rating to the company's second-lien term loan. - The stable outlook reflects our view that AS24's leverage will stay elevated in 2020 amid increased uncertainty around the impact from the COVID-19 pandemic on the company's performance and deleveraging....

Research Update