Moody’s rates eDreams Odigeo notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the proposed €425 million senior secured notes due 2021 to be issued by eDreams Odigeo SA

Concurrently, the agency assigned a B2 corporate family rating and B2-PD probability of default rating to Odigeo, and withdrew the B2 corporate family rating and B2-PD probability of default rating on Geo Travel Finance SCA Luxembourg, a subsidiary of Odigeo.

The outlook is stable.

Moody’s said the action follows the Sept. 14 announcement that the company proposes to refinance the existing facilities of the Odigeo group, currently issued by the company's subsidiaries Geo Travel Finance SCA Luxembourg and Geo Debt Finance SCA.

Proceeds from the transaction will be used to refinance in full Odigeo group's outstanding debts and to pay related fees.

Moody's will withdraw the ratings on the existing senior secured notes due 2018 and senior unsecured notes due 2019 upon consummation of the transaction and repayment of the existing debt.

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