...October 7, 2024 - Auto classifieds group Speedster Bidco is set to close the 2.7 billion acquisition of Trader Corp., parent of AutoTrader Canada, the leading auto classifieds group in Canada, by the end of 2024. - The funding comprises about 1.9 billion new first- and second-lien debt, as well as a delayed 762 million equity contribution by financial sponsor Hellman & Friedman. Speedster is also refinancing its existing 1.2 billion-equivalent debt structure, bringing total new debt raised to about 3.2 billion. - The combined group will have improved scale and competitive standing, with pro forma revenue of 782 million expected in 2024, but also very high pro forma leverage and muted free cash flow generation. - We have therefore affirmed our 'B-' long-term issuer credit rating on the group, as well as the existing 'B-' and '###' issue ratings on the existing first- and second-lien facilities, respectively. We have also assigned 'B' issue ratings to the proposed euro- and U.S. dollar-denominated...
