Moody’s rates Acetow, loan B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to BCP VII Jade Holdco (Cayman) Ltd., the parent company of Acetow.

Concurrently, the agency assigned a provisional B1 rating to the €565 million equivalent of term loan B (split into a U.S. dollar and euro tranche) and €65 million revolving credit facility to be borrowed by Platin 1291. GmbH, BCP VII Jade France Bidco SAS and BCP VII Jade USA Bidco Inc., all indirect subsidiaries of the ultimate parent BCP VII Jade Holdco.

The outlook is stable.

The term loan B, together with equity contributions from private equity fund Blackstone, will be used to finance the purchase for roughly €1 billion (including pension liabilities being rolled-over) of the filter tow business being carved-out from Solvay SA (Baa2 negative). The share purchase agreement between the seller, Solvay, and the various vehicles set up by Blackstone for the leveraged buy-out has been signed on March 20. Funding and closing of the LBO should occur during the first half of 2017.

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