As is often the case with highly levered, private-equity-owned companies, Moody's considers that TSS will have a higher tolerance for leverage/risk, and that governance will be comparatively less transparent, when compared to publicly traded companies.LIQUIDITYMoody's considers TSS' liquidity to be adequate. Liquidity is supported by €150 million of expected cash on balance sheet at closing of the acquisition, the lion's share of which is needed to satisfy intra-month cash flow requirements, as well as access to a fully undrawn €250 million senior secured RCF and Moody's expectations of positive Moody's-adjusted FCF generation of at least €50 million per annum from 2023 onwards. The senior secured RCF features a springing Senior Secured Net Leverage ratio test, which is tested when the senior secured RCF is drawn above 40%.STRUCTURAL CONSIDERATIONSThe proposed capital structure includes a €1.050 billion senior secured term loan B due in 2028 as well as a €250 million senior secured RCF, also due in 2028.