S1
AMMEGA BTConnect launch
Location
Whole page
01
Business profile
AMMEGA supplies conveyor and power-transmission belting solutions to food and beverage, logistics, material handling, paper and print, airports, automotive, recycling, agriculture and dairy, hygiene and other industrial end markets. As of 15 July 2025, AMMEGA reported more than 190 locations across more than 40 countries.
As of 20 June 2026, Midwest Industrial Rubber operated 29 locations serving more than 3,500 client installations. AMMEGA said MIR would remain an independent group entity and provide a direct-to-customer channel alongside the group's distributor-served business.
02
Capital structure
AMMEGA Group B.V. has a EUR 1,216 million senior secured term loan B complex maturing in December 2028. The B2 tranche (LoanX LX213528) bears EURIBOR plus 5.00%, and the B3 tranche (LoanX LX239654) bears EURIBOR plus 4.75%.
Debt instruments
| Instrument | Principal | Maturity | Terms | Seniority / status |
|---|---|---|---|---|
| Senior secured term loan B complexTerm Loan | EUR 1,216m | Dec 2028 | B2 bears EURIBOR plus 5.00%; B3 bears EURIBOR plus 4.75%. | Senior secured |
03
Term loan market pricing
CLO holder marks for the B2 tranche declined from 100.139% of par on 31 July 2024 to 80.2% on 3 June 2026, including a 78.964% mark on 6 May 2026. The marks are not executable quotations.
CLO holder marks for the B3 tranche declined from 100.0% of par on 31 July 2024 to 78.542% on 5 May 2026. The marks are not executable quotations.
Debt-market observations
| Instrument | Date | Observation | Measure | Market-data basis |
|---|---|---|---|---|
| Ammeraal Beltech-AMMEGA 7/23 | 3 Jun 2026 | 80.2% of par | Price | Public CLO Report Mark |
| Term Loan B2 | 6 May 2026 | 78.964% of par | Price | Public CLO Report Mark |
| Facility B3 Loan | 5 May 2026 | 78.542% of par | Price | Public CLO Report Mark |
| 2023 Facility B2 | 27 Feb 2026 | 84.795% of par | Price | Public CLO Report Mark |
| Facility B3 Loan | 6 Feb 2026 | 84.536% of par | Price | Public CLO Report Mark |
| 2023 Facility B2 | 22 Dec 2025 | 87.018% of par | Price | Public CLO Report Mark |
| 2023 Facility B2 | 31 Oct 2025 | 90.1% of par | Price | Public CLO Report Mark |
| Facility B2 | 31 Jul 2024 | 100.139% of par | Price | Public CLO Report Mark |
| EUR Term Loan B | 31 Jul 2024 | 100% of par | Price | Public CLO Report Mark |
04
Recent developments
MIR joined AMMEGA after completion of its acquisition in June 2026, following the addition of Ammeraal Conveyor Belting in December 2025. AMMEGA launched its Belting Technology Connect platform in July 2025. Fitch revised the group's rating outlook to negative in July 2025 while affirming the issuer default rating.
Timeline
| Date | Event | Details |
|---|---|---|
| 20 Jun 2026 | MIR joins AMMEGA following acquisition completionAcquisition Completion | AMMEGA announced that Midwest Industrial Rubber joined the AMMEGA group after completion of its acquisition. |
| 1 Dec 2025 | Ammeraal Conveyor Belting joins AMMEGABusiness Integration | AMMEGA announced that Ammeraal Conveyor Belting joined the AMMEGA group. |
| 17 Jul 2025 | Fitch revises AMMEGA outlook to negativeRating Outlook Change | Fitch Ratings revised AMMEGA's rating outlook to negative and affirmed the issuer default rating. |
| 15 Jul 2025 | AMMEGA launches Belting Technology ConnectProduct Platform Launch | AMMEGA launched Belting Technology Connect, a technology and service platform for its belting business. |
05
Sources
| Ref. | Source | Date | Location |
|---|---|---|---|
| AMMEGA BTConnect launchammega.com | 15 Jul 2025 | Whole page | |
| MIR joins AMMEGAammega.com | 20 Jun 2026 | Whole page | |
| AMMEGA Group B.V. rating source 101647948S&P Global Ratings | Not stated | Whole page | |
| BlackRock European CLO II D.A.C. reportBlackRock European CLO II D.A.C. | 3 Jun 2026 | Whole page | |
| Fernhill Park CLO DAC reportFernhill Park CLO DAC | 5 May 2026 | Whole page | |
| Ares European CLO VIII DAC reportAres European CLO VIII DAC | 6 May 2026 | Whole page | |
| Capital Four CLO II DAC reportCapital Four CLO II DAC | 27 Feb 2026 | Whole page | |
| Madison Park Euro Funding XIII DAC reportMadison Park Euro Funding XIII DAC | 22 Dec 2025 | Whole page | |
| Harvest CLO XVI DAC reportHarvest CLO XVI DAC | 31 Oct 2025 | Whole page | |
| Aurium CLO X DAC reportAurium CLO X DAC | 31 Jul 2024 | Whole page | |
| CVC Cordatus Loan Fund XXIV DAC reportCVC Cordatus Loan Fund XXIV DAC | 6 Feb 2026 | Whole page | |
| Aurium CLO X DAC reportAurium CLO X DAC | 31 Jul 2024 | Whole page | |
| Ammeraal Conveyor Belting joins AMMEGAammega.com | 1 Dec 2025 | Whole page | |
| Fitch revises AMMEGA outlook to negativeFitch Ratings | 17 Jul 2025 | Whole page |
Documents
| Document | Date | Type | Access |
|---|---|---|---|
| AMMEGA BTConnect launchammega.com | 15 Jul 2025 | Press Release | |
| MIR joins AMMEGAammega.com | 20 Jun 2026 | Press Release | |
| AMMEGA Group B.V. rating source 101647948S&P Global Ratings | Not stated | Credit Opinion | |
| BlackRock European CLO II D.A.C. reportBlackRock European CLO II D.A.C. | 3 Jun 2026 | Market Data | |
| Fernhill Park CLO DAC reportFernhill Park CLO DAC | 5 May 2026 | Market Data | |
| Ares European CLO VIII DAC reportAres European CLO VIII DAC | 6 May 2026 | Market Data | |
| Capital Four CLO II DAC reportCapital Four CLO II DAC | 27 Feb 2026 | Market Data | |
| Madison Park Euro Funding XIII DAC reportMadison Park Euro Funding XIII DAC | 22 Dec 2025 | Market Data | |
| Harvest CLO XVI DAC reportHarvest CLO XVI DAC | 31 Oct 2025 | Market Data | |
| Aurium CLO X DAC reportAurium CLO X DAC | 31 Jul 2024 | Market Data | |
| CVC Cordatus Loan Fund XXIV DAC reportCVC Cordatus Loan Fund XXIV DAC | 6 Feb 2026 | Market Data | |
| Ammeraal Conveyor Belting joins AMMEGAammega.com | 1 Dec 2025 | Press Release | |
| Fitch revises AMMEGA outlook to negativeFitch Ratings | 17 Jul 2025 | Credit Opinion |