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Moody’s affirms Entertainment One
Moody's Investors Service said it affirmed the Ba3 corporate family rating and Ba3-PD probability of default rating of Entertainment One Ltd. as well as the B1 rating of the £355 million senior secured notes due 2022.
The outlook is stable.
The action follows the announcement that the company is to acquire the 49% minority interest it does not yet own in Mark Gordon Co.
Total consideration of $209 million is to be funded by about £89 million of equity, including £53 million of new equity already successfully placed, and the proceeds from a tap issue of £70 million on the senior secured notes due 2022. The tap issue on the existing senior secured notes will take the total amount outstanding to £355 million from £285 million.
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