topstockalerts
Sep 24, 12:41 AM
S&P Global Ratings upgraded Bending Spoons to BB- from B+, citing greater scale and diversification following recent acquisitions, while also raising ratings on its Term Loan B facilities to BB-. The outlook is stable.
Bending Spoons plans to raise about
$1B through a fungible add-on to its Term Loan B to partly fund the pending
$1.4B acquisition of visual collaboration platform Miro and replenish its revolver. Pro forma revenue is expected to reach about
$4B in 2026 following the Airtable and Miro acquisitions, with subscriptions accounting for roughly 80% of revenue and no single business contributing more than 20%.
S&P expects adjusted debt/EBITDA to remain around 4x in 2026, while cash interest coverage improves above 3x in 2027. The company has achieved more than 90% of planned cost savings at Vimeo and 60%-75% at AOL, Eventbrite and Tractive. Gross debt is expected to rise to about
$5.7B by year-end 2026 from
$2.7B in 2025 due to M&A.
$BSP $SPGI
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