...- Funds managed by Bain Capital have agreed to acquire a 55% stake in Belgium-based staffing group House of HR N.V., through Villa Dutch Bidco B.V., an intermediate holding company incorporated in the Netherlands. - Villa Dutch Bidco proposes to issue debt facilities to support the transaction, comprising a 1.02 billion, seven-year first-lien term loan B (TLB), 125 million delayed draw senior secured term loan (of which 51 million is to be drawn at closing), 425 million of other senior secured debt, and a 310 million second-lien term loan, resulting in an S&P Global Ratings-adjusted leverage of 7.1x at year-end 2022. - House of HR's niche position in the staffing market supports its above industry-average organic growth rates and margins, but does not make it immune to the economic cycles of the four Western European countries where it operates. - We assigned our preliminary 'B' long-term issuer credit rating to Villa Dutch, and our preliminary 'B' issue rating and '3' recovery rating to...
