Research Update: Renal Care Provider Diaverum Holding 'B-' Rating Placed On CreditWatch Positive On Announced Public Listing Intention

On Nov. 16, 2020, Diaverum Holding Sarl's (Diaverum, the group) subsidiary Diaverum AB announced its intention to launch an initial public offering (IPO) and list its shares on the Nasdaq Stockholm Stock Exchange. The IPO will include both the selling of shares by the principal financial sponsor, Bridgepoint Advisers, and a new share issuance by Diaverum AB. We understand the group will use the proceeds from the sold shares currently owned by Bridgepoint to repay debt at Diaverum Holding Sarl, and it will use the new share issuance to repay RCF drawdowns, partly amortize the existing €740 million term loan B, fund future acquisitions, and pay transaction fees related to the process. Diaverum's publicly stated long-term financial policy of net

...- On Nov. 16, 2020, Diaverum Holding Sarl's (Diaverum, the group) subsidiary Diaverum AB announced its intention to launch an initial public offering (IPO) and list its shares on the Nasdaq Stockholm Stock Exchange. - The IPO will include both the selling of shares by the principal financial sponsor, Bridgepoint Advisers, and a new share issuance by Diaverum AB. - We understand the group will use the proceeds from the sold shares currently owned by Bridgepoint to repay debt at Diaverum Holding Sarl, and it will use the new share issuance to repay RCF drawdowns, partly amortize the existing 740 million term loan B, fund future acquisitions, and pay transaction fees related to the process. - Diaverum's publicly stated long-term financial policy of net debt leverage of no higher than 3.5x supports a higher credit rating. - We are placing our 'B-' issuer credit rating on Diaverum Holding Sarl and our 'B-' issue rating on the group's senior secured credit facilities on CreditWatch with positive...

Research Update