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Moody’s might cut Reynolds
Moody's Investors Service said it placed the B3 corporate family rating, B3-PD probability of default rating and B1 rating on the senior secured facilities of Reynolds Group Holdings Ltd. under review for downgrade.
The review follows Reynolds’ announcement that it had entered into a definitive agreement to sell its SIG Combibloc business.
On Nov. 24, Reynolds announced that it entered into an agreement to sell its SIG Combibloc business to Onex Corp. for an aggregate amount of up to €3.75 billion, subject to certain adjustments based upon closing date cash and working capital. €3.575 billion will be paid to Reynolds at the closing of the transaction, with an additional amount up to the balance of €175 million payable depending on the financial performance of the SIG Combibloc business in 2015 and 2016.
The transaction is expected to close in the first quarter of 2015, pending final regulatory approvals and the satisfaction of other customary closing conditions.
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