Germany-based TK Elevator Topco GmbH, TK Elevator Group's (TK Elevator's) holding company, proposes to reprice its dollar and euro-denominated first-lien term loan Bs (TLBs) equivalent to €3.826 billion, and extend the maturity of its euro-denominated €1.265 billion TLB and revolving credit facility (RCF) to April 2030. Additionally, TK Elevator will raise an incremental €971 million term loan tranche to repay its private dollar- and euro-denominated senior unsecured notes equivalent to €971 million. The transaction is leverage neutral and will likely provide some interest expense savings. We affirmed our 'B' long-term issuer credit rating on TK Elevator. Consequently, we affirmed our 'B' issue rating on the senior secured debt. The recovery rating on the senior secured debt remains at '3'. After
