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Moody’s upgrades HSS, notes to B1
Moody's Investors Service said it upgraded Hero Acquisitions Ltd.’s (HSS) corporate family rating to B1 from B2 and affirmed the B1-PD probability of default rating.
Concurrently, the agency upgraded the £200 million senior secured notes maturing in 2019 issued by HSS Financing plc, a subsidiary of HSS, to B1 from B2.
The outlook is stable.
The action follows the London initial primary offering of HSS Hire Group plc (the new top holding company of the Hero Acquisitions Ltd. group of companies), with 35% of the share capital now in public ownership. Net IPO proceeds of £89.5 million (net of £13.5 million of transaction fees) will be used to redeem GBP64 million of the £200 million senior secured notes and fund a £4.5 million redemption premium, and to repay £21 million of drawings under the £60 million revolving credit facility.
Funds managed by Exponent and co-investors acquired 79% of HSS in October 2012. Pro-forma for the IPO, their shareholding will decrease to 50.4% assuming no exercise of the over-allotment option.
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