First State issues debt to finance Patriot Rail and Ports acquisition
First State Investments issues debt to finance Patriot Rail and Ports acquisition from Steel River Infrastructure Partners.
The acquisition will be financed with a USD 325 million first-lien credit facility comprising a USD 40 million revolving credit facility due 2024 and a USd 285 million first-lien term loan due 2026, and an equity contribution from First State.
Moody's Investors Service (Moody's) has assigned 'B-' issuer credit rating to Patriot. At the same time, they assigned 'B' issue-level rating and '2' recovery rating to the proposed credit facility.The rating outlook is stable.
The ratings could be upgraded if the company demonstrates a prudent execution of its acquisition strategy, operating margins are consistently in excess of 20% (calculated excluding amortization), debt/EBITDA remains below 4.5 times and if free cash flow increases solidly.
Country updates
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