Moody's may upgrade Impress

Moody's Investors Service said it placed Impress Holdings BV's B1 corporate family rating, Ba3 senior secured floating-rate notes due 2013 and B3 senior subordinated notes due 2014 under review for possible upgrade following general improvements in the company's operating performance and the announcement that Impress is seeking a listing.

The total size of the initial public offering is expected to be more than €600 million. Impress intends to repay €90 million of its floating-rate notes, to repay €87.5 million of its senior subordinated notes and to reduce €70 million of short-term financing taken on for the recently concluded acquisition of Amcor's can plants in Australia and New Zealand.

In its review, Moody's will assess the outlook for further improvements in Impress' operating performance. The review will also examine the realized proceeds from the IPO and the subsequent debt reduction at Impress, the future financial strategy of management and the impairment risk regarding the remaining shareholders' loan receivable.

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