Moody's rates Towergate notes B1

Moody's Investors Service said it assigned a provisional B1 rating to the new senior secured floating-rate notes to be issued by Towergate Finance plc as part of the recently announced debt refinancing of the Towergate Group.

The outlook is stable, in line with that of Towergate Holdings II Ltd.

Moody's said the ratings are based on the expectation that the final documentation of the instrument will not differ materially from the current documentation.

Moody's provisional B1 rating reflects the refinancing of the existing £10 million revolving credit facility, the £82.5 million acquisition facility, term loan A and term loan B (all currently rated B1, stable outlook).

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