Moody’s rates Comete, loans B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Comete Holding (Comexposium).

Concurrently, Moody's assigned a B2 rating to the company's new €355 million term loan B and €90 million revolving credit facility to be raised at Comete.

Proceeds will be used to repay existing debt of €294 million under the existing term loan B as well as €54.7 million drawn under the company's acquisition facility, with the bulk of the remainder used to fund transaction fees.

"The B2 rating reflects Comexposium's good track record in growing both revenue and EBITDA in recent years through successful geo-cloning and well-integrated acquisitions," Christian Azzi, assistant vice president at Moody's and lead analyst on Comexposium, said in a news release.

"While the high concentration of events in France is a credit negative, the current refinancing will provide the company with funds to pursue its strategy of growing international operations further.”

© 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.