Moody’s rates Exeltium loans Baa2, bonds Ba3

Moody's Investors Service said it assigned Baa2 ratings to the €1 billion 15-year floating-rate bank term loan (facility A), €155 million 15-year floating-rate institutional term loan (facility B1) and €280 million 15-year fixed-rate institutional term loan (facility B2) to be borrowed by Exeltium SAS.

The agency also assigned a Ba3 rating to Exeltium's €153 million subordinated bonds, the junior bonds, maturing in December 2031.

The outlook is stable.

Exeltium is a project involving the purchase of baseload electricity from Electricite de France (EDF, A1 negative) under a 24-year supply agreement (the upstream contract) and selling this electricity to Exeltium's shareholders/clients under long-term take-or-pay agreements (the downstream contracts). Exeltium's clients currently comprise 27 French electro-intensive companies.

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