Moody’s rates Banijay, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Banijay Group SAS.

Concurrently, the agency assigned B1 ratings to the company’s €350 million senior secured notes due 2022.

The outlook is stable.

Proceeds from the notes and term loan (unrated) will be used to refinance the existing indebtedness of the group including the repayment of certain shareholder loans, together with the financing of the acquisition of Castaway and transaction expenses.

"Banijay is a leading independent television production and distribution group providing a balanced portfolio of formats and programs to a diverse international client base in a market with positive dynamics," Colin Vittery, Moody's vice president, senior credit officer and lead analyst for Banijay, said in a news release.

"It has grown rapidly by acquisition as the market consolidates and we consider it to have a focused strategy and relatively conservative financial policy, supporting the moderate opening pro forma leverage of 4.5x and distinguishing it from peers."

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