Moody's might lift Ontex

Moody's Investors Service said it placed all ratings of Ontex IV SA under review for upgrade, including the corporate family rating of B2, probability of default rating of B2-PD, the instrument rating of the senior secured notes of B1 and the senior unsecured notes of Caa1.

The action follows the announcement of the IPO launched by Ontex Group NV, the holding company of the Ontex group of companies.

On May 28, Ontex Group announced the expected amount of primary proceeds to be raised from the proposed IPO of the company's shares on the Euronext Brussels. The total size of the IPO is expected to result in a free float of at least 25% of the issued share capital and is expected to consist of a €325 million primary issuance and a secondary sell down by the current shareholders of existing shares.

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