Moody’s gives eDreams Odigeo notes B2

Moody's Investors Service said it assigned B2 ratings to the new €425 million senior secured notes due 2023 to be issued by eDreams Odigeo SA.

The company’s B1 corporate family rating and probability of default rating of B1-PD are unchanged.

The outlook is stable.

The agency said the action reflects the launch of a refinancing of eDreams’ capital structure.

The proceeds from the new issuance will be applied to repay the company's existing €425 million senior secured notes due 2021. The ratings on the existing instruments will be withdrawn upon repayment.

Leverage is expected to be unchanged as a result of the refinancing, at 3.8x on a Moody's-adjusted basis at June 30, the agency said.

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