Moody's rates R&R notes B2

Moody's Investors Service said it assigned a definitive B2 (LGD4, 60%) rating to the €350 million 8 3/8% senior secured notes due 2017 issued by R&R Ice Cream plc.

The outlook is stable.

The agency said the note proceeds have been used to repay approximately €150 million of debt under existing bank facilities, which have been subsequently canceled; to refinance a €60 million bridge facility put in place to fund the recent Rolland acquisition; to repay Ä48 million of obligations owed to shareholder Oaktree; and to bolster the group's cash position.

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