Research Update: U.K.-Based LGC Science Group Ltd. (Loire UK Midco 3 Ltd.) Assigned Preliminary 'B' Rating; Outlook Negative

LGC Science Group Ltd. (LGC), a global life sciences measurement and testing solutions company, has been acquired by financial sponsors Cinven and Astorg Partners via U.K.-based holding company Loire UK Midco 3 Ltd. The group intends to issue a seven-year, £1,042 million-equivalent first-lien senior secured term loan (across euro and U.S. dollar tranches) and a 10-year, £500 million-equivalent payment-in-kind (PIK) note (issued outside of the restricted group) to fund the acquisition, put £35 million of cash on the balance sheet, and refinance its existing capital structure, together with a six-and-half-year £265 million multicurrency revolving credit facility (RCF). We are assigning our preliminary 'B' issuer credit rating to Loire UK Midco 3 Ltd. and the group's financing company Loire Finco Luxembourg

...- LGC Science Group Ltd. (LGC), a global life sciences measurement and testing solutions company, has been acquired by financial sponsors Cinven and Astorg Partners via U.K.-based holding company Loire UK Midco 3 Ltd. - The group intends to issue a seven-year, ú1,042 million-equivalent first-lien senior secured term loan (across euro and U.S. dollar tranches) and a 10-year, ú500 million-equivalent payment-in-kind (PIK) note (issued outside of the restricted group) to fund the acquisition, put ú35 million of cash on the balance sheet, and refinance its existing capital structure, together with a six-and-half-year ú265 million multicurrency revolving credit facility (RCF). - We are assigning our preliminary 'B' issuer credit rating to Loire UK Midco 3 Ltd. and the group's financing company Loire Finco Luxembourg S.a.r.l. and our preliminary 'B' issue and '3' recovery ratings to the group's proposed senior secured facilities, comprising the ú1,042 million first-Lien term loan and the ú265...

Research Update