Announcement: Moody’s says BlueCrest’s B2 CFR and secure outlook are unchanged following time period mortgage downsize and shortened maturity
World Credit score Analysis – 18 Dec 2020
New York, December 18, 2020 — Moody’s Traders Service stated revised phrases for DMT Options World Company’s (dba BlueCrest) new first lien Time period Mortgage B cut back the quantity of the ability to $225 million from the initially proposed $445 million and shorten its tenor to 4 and one half years from seven years.
Proceeds of the brand new time period mortgage, together with new sponsor fairness, will probably be used to fund the acquisition of BCC Group Holdings, Inc. (“BCC Software program”) in addition to pay for associated charges and bills. BlueCrest had initially deliberate to make use of a portion of recent funds from the bigger $445 million time period mortgage providing to refinance the present time period mortgage due July 2024 (roughly $220 million excellent).
The downsize of the brand new time period mortgage doesn’t considerably influence our expectation for adjusted debt to EBITDA, free money circulate, and operations. Accordingly, the B2 Company Household Ranking (CFR) and secure outlook are unchanged. BlueCrest’s credit score profile stays supported by its main place as a supplier of mail inserting and type tools, lengthy standing buyer relationships below multiyear contracts, various income base, recurring income streams, and rising EBITDA margins professional forma for the acquisition.
DMT Options World Company (dba BlueCrest), with headquarters in Danbury, CT, is a worldwide supplier of apparatus and companies associated to mail inserting, parcel sorting, and printing. The corporate traditionally operated as a division of Pitney Bowes, Inc. and was acquired by Platinum Fairness Capital Companions in July 2018. Professional forma for the acquisition of BCC Software program, BlueCrest generated roughly $460 million of web income for the 12 months ended September 30, 2020.
This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion data and ranking historical past.
Carl Salas VP - Senior Credit score Officer Company Finance Group Moody's Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Stephen Sohn Affiliate Managing Director Company Finance Group JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Releasing Workplace: Moody's Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653
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