Moody's assigns B2 to Affidea

Moody's Investors Service said it assigned B2 ratings to the planned €600 million senior secured term loan and to the proposed €150 million senior secured revolving credit facility, issued by Celeste BidCo BV (Affidea). The agency also gave a new B2 corporate family rating and a new B2-PD probability of default rating to Celeste, the new top entity of Affidea's restricted group.

The term loan proceeds and €1 billion in equity will used the finance the buyout of the company by Groupe Bruxelles Lambert. Management will hold a minority stake.

Moody's said it withdrew the B2 CFR and B2-PD PDR on Affidea BV, the former parent of Affidea group and will withdraw the B2 rating and stable outlook on senior secured term loan B and revolving credit facility will once the deal closes and the debt is repaid.

“Today's rating action reflects the neutral impact of the transaction on Affidea's credit metrics as well as the expectation that Moody's gross leverage will trend below 6x in the next 12 to 18 months; a level commensurate with the current B2 rating level,” Moody’s said in a press release.

The outlook is stable.

© 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.