ֳ

Entity

Lernen Bidco Limited

UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BUpgrade23-Sep-2024Long Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :23-Sep-202406-Feb-202412-Sep-202307-Jun-202309-Feb-202301-Apr-2022
Rating :BB-B-B-B-B-
Action :UpgradeAffirmedAffirmedAffirmedAffirmedNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Issuer: Lernen Bidco Limited
Debt Level: senior secured
Issue: EUR 1.26 bln Floating Euribor 4% Term Loan B 24-Apr-2029
23-Sep-2024
B
Upgrade
Long Term Rating
RR4 38%

Rating History
Country: United Kingdom
Sectors: Corporate Finance; Retail and Consumer
Disclosures: UK Issued, EU Endorsed; Solicited by or on behalf of the issuer (sell side)
senior secured; Term Loan B
Maturity Date: 24-Apr-2029
Currency: EUR
Amount: 1,260,000,000
Coupon Rate: Euribor + 4%
Placement: Public
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06Disclosures

Original Rating Date
Long Term Issuer Default Rating01-Apr-2022
Endorsement Status
UK Issued, EU Endorsed
Country of ֳ Office
UNITED KINGDOM
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
UNITED KINGDOM

07Identifiers

Type:LEI
Identifier:894500YKKF2CXAP6DR25

08Criteria

02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
21Jun
2024
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 21 June 2024 to 6 December 2024
03Nov
2023
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 3 November 2023 to 21 June 2024
03Nov
2023
Expired Criteria
Corporate Rating Criteria - Effective 3 November 2023 to 6 December 2024
13Oct
2023
Expired Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria - Effective from 13 October 2023 to 2 August 2024
More Criteria

09Analysts

Yong Xie
Primary Rating Analyst

Elin Lanneström
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 
Recovery Ratings Key
Outstanding
RR1		Superior
RR2		Good
RR3		Average
RR4		Below-Average
RR5		Poor
RR6

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red