High-voltage electrical products manufacturer, Saphira Holdings S.a.r.l. (Trench Group), is raising up to €1.25 billion through a term loan B (TLB) to refinance an existing €400 million TLB and fund a shareholder distribution of up to €850 million. Concurrently, the group will refinance its existing revolving credit and guarantee facilities. Under the proposed capital structure, we expect S&P Global Ratings-adjusted debt to EBITDA of about 4x in 2026, falling below 3x in 2027. The debt increase will be compensated by strong EBITDA growth, supported by structurally favorable end-market dynamics, high backlog visibility, and operating leverage as revenue expands. We assigned our 'B+' long-term issuer credit rating to Saphira Holdings S.a.r.l. and our 'B+' issue rating to the proposed €1.25 billion
