MILAN (ITALPRESS) – Amplifon notes that S&P Global Ratings has confirmed the BB+ rating with stable outlook of Amplifon following the agreement signed with GN for the acquisition of its Hearing division.
The stable outlook, according to S&P, reflects the expectation that the operating performance of the company remains resilient and that the success of the integration of GN Hearing will lead to an improvement of profitability.
In particular, the rating agency believes that vertical integration with GN Hearing will strengthen the competitive positioning of Amplifon, which at the closing of the transaction will benefit from the complementarity of the strong innovation and manufacturing skills of GN Hearing, with its retail activities and greater supply chain control. S&P finally provides a positive process of deleverage for society over the next two years.
In the context of loans to finance the acquisition, Amplifon reiterates that the bridge loan (bridge loan) for the coverage of the entire cash component has a maturity of up to 24 months.
The increase in capital announced, up to 0.75 billion euros, represents the maximum amount foreseen and is aimed at guaranteeing a conservative financial structure for the combined business at the time of closing (3,0x lever pro-forma at closing, excluding synergies), with a further rapid process of deleverage expected later.
The transaction will be carried out within a timeframe and through tools that allow the participation of existing shareholders (including those who have already expressed their support) and potential investors, at a price reflecting an equitable assessment of the company.
-Photos press office Amplifon-
(ITALPRESS).
