Moody's changes Biogroup view to stable

Moody's Investors Service said it changed the outlook for Laboratoire Eimer (Biogroup) and subsidiairy CAB SAS to stable from negative.

Moody’s also affirmed the B2 rating of the senior secured term loan, including the planned €300 million add-on issued by CAB, a subsidiary of, the company at the top of Biogroup's restricted group. The contemplated €300 million incremental debt alongside €200 million of drawing under the senior secured revolving credit facility and €238 million of cash will be used to fund acquisitions.

The agency said it considers the add-on broadly leverage neutral and noted Biogroup's track record of high Moody's adjusted EBITDA margin since 2017 and positive Moody's adjusted free cash flow generation since 2019, which indicates a good ability in integrating the significant amount of acquisitions closed over the period.

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