| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Cucina Acquisition (UK) Ltd. > News item |
Moody’s reviews Brakes Capital
Moody's Investors Service said it placed the Caa1 corporate facility rating and the Caa1-PD probability of default rating of Cucina Acquisition (UK) Ltd. (Brakes Capital) on review for upgrade after the announcement of the acquisition of Brakes by Sysco Corp. (A2, on review for downgrade).
The B3 rating on the £457 million fixed-rate senior secured notes and €150 million floating-rate senior secured notes due 2018, issued by Brakes Capital, were also placed on review for upgrade.
The action follows Sysco’s Feb. 22 announcement of a takeover of Brakes for roughly £2.2 billion ($3.1 billion) including the repayment of about $2.3 billion of Brakes' financial debt.
"The transaction is credit positive for Brakes, because the company will become a strategic subsidiary of a leading foodservice distribution group with pro-forma revenues of $55 billion, and because its high amount of outstanding debt will be repaid," Emmanuel Savoye, Moody’s assistant vice president and lead analyst on Brakes said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.