...May 6, 2025 FRANKFURT (S&P Global Ratings) May 6, 2025--S&P Global Ratings said today that it has assigned its 'B' issue credit rating to the 575 million first-lien term loan B maturing in December 2030 that has been issued by AI Sirona (Luxembourg) Acquisition S.a.r.l., parent to generic drug company Zentiva. The recovery rating of '3' reflects our expectation of meaningful recovery prospects (50%-70%; rounded estimate: 60%) in the event of default. The change in its capital structure has not affected our 'B' issuer credit rating on AI Sirona or the stable outlook on this rating. The transaction will increase the group's total outstanding debt to 2.5 billion. Zentiva intends to distribute the proceeds to shareholders, in addition to 64 million from the cash on its balance sheet. We estimate that the company's recent transaction will increase its leverage, measured as S&P Global Ratings-adjusted debt to EBITDA, to 6.3x in 2025, well above our 2024 estimate of 5.0x-5.5x. Although Zentiva's...
