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Moody’s rates Flint loan B1
Moody's Investors Service said it assigned a provisional B1 rating to the incremental €150 million senior secured first-lien facility, which ColourOz MidCo (Flint, B2 stable), the parent and indirect holding company of Flint Group, intends to borrow at the level of an indirect subsidiary still to be formed, FDS Holdings BV, in order to fund the recently announced acquisition of XBC BV, the vehicle which owns more than 95% of the shares in Xeikon NV (unrated).
Xeikon is an established international player focused on the digital printing business for labels and packaging and commercial printing. The acquisition, which is subject to customary closing conditions including antitrust approvals, is expected to complete by the end of 2015.
Flint's current B2 corporate family rating and B2-PD probability of default rating, as well as the existing B1 rating on the first-lien facility outstanding and the Caa1 rating on the second-lien facility outstanding, remain unaffected by the contemplated transaction.
The outlook remains stable.
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