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Moody’s reviews Flavors for lift
Moody’s Investors Service said it placed the ratings of Flavors Holdings Inc., including the Caa2 corporate family rating, under review for upgrade. This follows the announcement Flavors has agreed to be acquired by Act II Global Acquisition Corp. Moody’s expects Flavors’ capital structure will improve as a result of this acquisition. The transaction is scheduled to close during the first quarter of 2020.
The rating review will focus on Flavors’ operating performance and resulting capital structure following the merger. Under the proposed merger agreement, Act II will buy Flavors for $550 million of which $450 million will be used to fully repay Flavors’ debt.
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