Moody’s gives Ivirma, loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Inception HoldCo Sarl (Ivirma), the top entity of Ivirma's banking restricted group.

At the same time, Moody's assigned a B2 instrument rating to the proposed €1.01 billion-equivalent backed senior secured term loan B due 2031, which will have two tranches in euros and dollars and to the proposed €200 million backed senior secured revolver due 2030.

Both instruments will be issued by Inception FinCo Sarl, a finance vehicle of Ivirma, and will be fully guaranteed by the company's key subsidiaries.

The outlook on both entities is stable.

The company is looking to refinance its existing debt and fund transaction fees and expenses, with the proposed instruments.

“The B2 rating considers the company's global leading position in the assisted reproductive technologies industry, notably in-vitro fertilisation, with a diversified clinical network and vertically integration with genetics testing and procurement capabilities,” the agency said in a news release.

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