Moody’s gives Baa3 to Redefine bonds

Moody's Investors Service said it assigned a Baa3 long-term global rating to the €150 million senior secured exchangeable bonds due 2021 issued by Redefine Properties Ltd.

The outlook is stable.

"The transaction allows Redefine to leverage off its offshore stake in Redefine International plc (RI plc) to gain access cheaper funding in the European debt capital markets, while maintaining an ongoing dividend stream over the interim period," Moody’s vice president, senior analyst Dion Bate said in a news release.

Proceeds from the bonds will be used to help refinance the €250 million bridge facility that was raised for the acquisition of a 44.9% interest in Echo Prime Properties BV.

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