Moody’s assigns Refresco loan B1

Moody’s Investors Service said it assigned a B1 rating to the new €400 million senior secured term loan maturing in March 2025 issued by Refresco Holding BV, a fully owned subsidiary of Sunshine Mid BV. “Terms, ranking and guarantee and security package of the new term loan mirror those of the existing term loan,” Moody’s said in a press release.

Proceeds will be used for acquisition financing purposes.

“Although the specifics of the M&A transactions deal have not been publicly disclosed, management has indicated that there are potential targets in the same business lines within Europe, which in aggregate would add a pro forma EBITDA contribution of €147 million, including run-rate synergies. Refresco will fund the potential deal through a mix of debt of €400 million, existing cash and potential drawing under the revolving credit facility of €300 million and €150 equity contribution from the selling shareholders, such that the deal is leverage positive,” Moody’s said.

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