Moody’s rates Iberconsa loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Bering III Sarl, the parent company of Grupo Iberica de Congelados SA (Iberconsa).

Concurrently, Moody's assigned a B2 rating to the €310 million senior secured first-lien term loan B facility due 2024 and to the €75 million revolving credit facility due 2024 raised by Bering III.

The outlook is stable.

The agency said the assignment follows the acquisition by Platinum Equity of a 70% stake in Iberconsa from Portobello Capital.

Financing of the transaction will include the new term loan, €10 million drawings under the revolver and a €50 million subordinated vendor loan.

“Iberconsa's B2 rating reflects its well established fishing and distribution operations as one of the largest suppliers of frozen hake and shrimps, and the barriers to entry provided by the current regulatory environment, which compensate for the company's relatively small size, business concentration and exposure to emerging markets,” Paolo Leschiutta, Moody's senior vice president and lead analyst for Iberconsa, said in a news release.

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