Moody's reviews Joye Media for upgrade

Moody's Investors Service said it placed on review for upgrade Joye Media SL’s Caa2 corporate family rating, the parent of Imagina Media Audiovisual SL.

Concurrently, Moody's placed on review for upgrade the ratings of the €300 million backed senior secured first-lien term loan, the €380 million backed senior secured term loan and the €60 million backed senior secured revolving credit facility issued by Invictus Media SA and Imagina. The agency also placed on review for upgrade the ratings of the €180 million backed senior secured second-lien facility issued by Invictus. The outlook was changed to ratings under review from negative for all entities.

The decision to review follows the June 8 announcement that Joye and its creditors agreed to refinance its debt, the agency said. The agreement includes a €620 million capital increase, subscribed by the company's majority shareholder, Southwind Group, with most of these funds earmarked to repay debt.

“The review process will focus on the analysis of the terms and conditions of the refinancing, as well as the company's strategy and growth expectations following the implementation of a more sustainable capital structure. The process is subject to the satisfactory review of the annual audited accounts for the years 2020 and 2021, which have not yet been published,” Moody’s said in a press release.

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