Moody's gives Rhiag notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B1-PD probability of default rating to Rhino Midco 2 Ltd., a holding company of Rhiag Inter Auto Parts Italia SpA.

Concurrently, Moody's assigned provisional B2 rating to the proposed €415 million senior secured notes to be issued by Rhino Bondco SpA.

The outlook is stable.

The proceeds from the notes will be used, along with equity contribution from Apax and cash on the balance sheet, to finance acquisition of the Rhiag group by funds advised by Apax Partners from Alpha Private Equity, in a tertiary LBO, and repay existing loan facilities.

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