U.K.-Based LGC Science Group Ltd. (Loire UK Midco 3 Ltd.) Assigned '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 buyout and refinancing of LGC's previous capital structure were funded through the issuance of a seven-year, £1,082 million-equivalent first-lien senior secured term loan with euro and U.S. dollar tranches, and a 10-year, £500 million-equivalent payment-in-kind (PIK) note issued outside the restricted group. Following the completion of the acquisition on April 21, 2020, LGC has an undrawn £265 million six-and-half-year multicurrency revolving credit facility (RCF) and £35 million of cash on the balance sheet. We are assigning our 'B' long-term issuer credit rating to Loire UK Midco

...April 24, 2020 - 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 buyout and refinancing of LGC's previous capital structure were funded through the issuance of a seven-year, ú1,082 million-equivalent first-lien senior secured term loan with euro and U.S. dollar tranches, and a 10-year, ú500 million-equivalent payment-in-kind (PIK) note issued outside the restricted group. - Following the completion of the acquisition on April 21, 2020, LGC has an undrawn ú265 million six-and-half-year multicurrency revolving credit facility (RCF) and ú35 million of cash on the balance sheet. - We are assigning our 'B' long-term issuer credit rating to Loire UK Midco 3 and the group's financing company Loire Finco Luxembourg S.a.r.l. and our 'B' issue and '3' recovery ratings to the group's senior secured facilities, comprising the ú1,082...

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